L&L Holding Secures $911M Refi for 425 Park in Midtown 

L&L Holding Company has secured a $911 million refinancing deal for its 425 Park Avenue tower in Midtown. Sumitomo Mitsui Trust Bank led the financing, providing a five-year floating-rate loan. The funds will retire a previous loan used for the final stages of construction and leasing activities at the tower, designed by Foster + Partners. 

“This massive loan package demonstrates the lending market’s continued capacity and appetite to finance ultra-premium, highly-amenitized and well-located office towers owned and operated by first-rate sponsors,” said L&L Holding President & Chief Investment Officer Rob Lapidus. 

Developed in collaboration with Tokyu Land US Corporation and BGO, the tower boasts a 90 percent lease occupancy, primarily by finance and investment firms, including Citadel as the anchor tenant. 425 Park Avenue features The Diagrid Club, an exclusive wellness center with outdoor spaces, and amenities. Jean-Georges Vongerichten oversees the food and beverage program, including the Four Twenty Five restaurant at the tower’s base.