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New York & Tri-State  + Midtown New York + New York  + Office  |  December 20, 2021
Paul Bubny
By: Paul Bubny

L&L Secures $911M Financing on Plaza District Tower

L&L Holding Company has completed $911.4 million in financing for 425 Park Ave., its 47-story office tower nearing completion in Midtown Manhattan’s Plaza District. The finance package, obtained through a consortium of lenders led by Blackstone Real Estate Debt Strategies, replaces 425 Park’s original construction loan and will cover the final phases of the project before being replaced by permanent financing.  

A JLL Capital Markets team, led by executive managing director Michael Tepedino and senior managing director Michael Gigliotti, worked on behalf of L&L Holding and its project partners, BentallGreenOak and Tokyu Land Corporation. 

“425 Park has quickly established itself as an iconic Plaza District presence and a top destination for the technology-driven finance and investment firms that are helping to drive New York City’s economic resurgence,” said Robert Lapidus, president and CIO of L&L.  

The 670,000-square-foot tower will be anchored by Citadel, which has committed to 331,800 square feet. 

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L&L Holding

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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