NEW YORK CITY — L&L Holding Co. has received a $911 million loan for the refinancing of 425 Park Avenue, a 47-story office tower located in the Plaza District of Midtown Manhattan.
Sumitomo Mitsui Trust Bank was the lead lender and administrative agent on the five-year, floating-rate loan. The proceeds will be used to pay off a 2021 loan of the same size, which was used to fund final construction and leasing efforts at the tower, which opened in 2022.
L&L Holding, along with co-developer Tokyu Land US Corp. and co-managing partner BGO, broke ground on the project in 2016. Foster + Partners designed the asset, which was built to LEED and WELL Core Gold sustainability standards, thanks to energy-efficient mechanical and ventilation systems.
425 Park Avenue totals 670,000 square feet and is currently 90 percent leased, primarily to finance and investment firms. The building’s anchor tenant is Citadel, a multinational hedge fund and financial services company. The company occupies 440,000 square feet across 22 floors.
A space near the top of the tower is reserved for an amenity center dubbed The Diagrid Club. The center features outdoor spaces, an art installation by contemporary artist Yayoi Kusama and private rooms for meditation by the David Lynch Foundation. The property also includes a restaurant called Four Twenty Five at the base of the tower, as well as a food and beverage program, both operated by French chef and restaurateur Jean-Georges Vongerichten.
— Channing Hamilton