New York-based developer L&L Holding Company along with its co-managing partner, GreenOak Real Estate, announced this week that it had secured full financing for a new 47-story office tower on Park Avenue in Midtown Manhattan’s famed Plaza District. MassMutual Financial Group will provide a $556 million construction loan for 425 Park Avenue, which will be the first full-block office tower constructed on Park Avenue in nearly 50 years. Tokyu Land Corporation will serve as co-equity partner and co-developer on the property, co-investing alongside co-managing partners L&L Holding and affiliates of GreenOak Real Estate, while L&L Holding will continue to serve as the lead developer for 425 Park Avenue. The loan was arranged by HFF.
L&L Holding Chairman and CEO David Levinson said, "We are honored to welcome Tokyu Land as our partner and MassMutual as our lender for 425 Park Avenue, which we all believe will redefine the modern office environment, enhance the timeless allure of the Plaza district, and serve as Midtown East’s first 21st Century icon."
"Everyone associated with this project recognizes this as a rare chance to create a modern yet enduring legacy on the fabled Park Avenue," added GreenOak Co-Founder and Partner Sonny Kalsi. "We are thrilled that one of our most trusted international partners, Tokyu Land, also recognized this fact and agreed to join as a co-investor."
Norman Foster-designed 425 Park Avenue, located between East 55th and 56th Streets, will include a 45-foot tall grand lobby, two 38-foot tall transitional floors, one of which will serve as a first-class amenity floor for the tower’s inhabitants, and a 38-foot tall penthouse floor with unparalleled, 360 degree views of Manhattan and beyond. Demolition of the current building will begin this month, with completion and opening of the new 425 Park Avenue is scheduled for 2018.
For more news and information visit Blumberg Partners.
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