L&L Holding Lands $911M Refi for Manhattan Tower
In one of the largest deals of its kind this year, L&L Holding Co. has secured $911 million to refinance 425 Park Avenue, its 47-story Manhattan office tower. Sumitomo Mitsui Trust Bank was the lender for the property.
The five-year floating-rate financing will retire a 2021 loan of the same price, which funded some of the property’s construction and leasing costs. CommercialEdge data shows that the Blackstone Group provided the earlier financing.
Located in Manhattan’s Plaza District, 425 Park Ave. was designed to LEED and Well Core Gold standards and completed in 2022. Currently 90 percent occupied, the 670,000-square-foot tower is anchored by Citadel with a 440,000-square-foot lease. Other tenants include Kee Casting, Keller Williams and Hellman & Friedman, according to CommercialEdge.
Key features of 425 Park
Developed by a partnership of L&L Holding and Tokyu Land US Corp. and co-managing partner BGO, the tower was designed by Foster + Partners. The full-block building features a meditation center, outdoor terraces with lounge and dining areas and an amenity space called The Diagrid Club.
Inside The Diagrid Club are private rooms, indoor and outdoor gathering areas, a food and beverage program operated by chef Jean-Georges Vongerichten, and art installations. The chef also operates a restaurant at the building’s base.
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