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Wafra Capital Signs Up for Space at 425 Park Ave.

Real estate investment advisor Wafra Capital Partners has signed a lease for 13,900 square feet at L&L Holding Co.’s 425 Park Ave., a spokeswoman for L&L confirms. The lease brings the new -construction office tower to 60% occupancy.

A JLL team of Drew Saunders and Martin Horner, along with Savills’ Kirill Azovtsev, represented Wafra, which is teaming with Nightingale Properties on the redevelopment of 111 Wall St. in the Financial District. Andrew Wiener and David Berkey of L&L represented building ownership.

The Wafra commitment represents the third finalized lease over a three-month span at 425 Park—reportedly the first full-block office development along the avenue in nearly 50 years. L&L received its TCO on the property in January and expect first move-ins to occur before the end of this year. 

Photo credit: Alan Schindler


Inside The Story

L&L Holding Co. JLL’s SaundersSavills’ Azovtsev

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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 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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