Holliday Fenoglio Fowler arranged a $556 million construction loan for 425 Park Avenue, the new full-block office development being built by L&L Holding Company and GreenOak Real Estate.
The loan was secured through Cornerstone Real Estate Advisers, acting on behalf of an institutional investor. Tokyu Land Corporation will serve as co-equity partner and co-developer of the property.
425 Park Avenue is the first full-block office development on Manhattan’s Park Avenue in nearly 50 years.
The 47-story office tower will be designed to LEED Gold standards by architect Lord Norman Foster. It will feature 670,000 square feet of flexible floorplate sizes and layouts to appeal to a range of tenants with views of Midtown on all floors and Central Park on floors 24 and up.
Tenants will enter the building through a 45’ tall lobby atrium with floor-to-ceiling glass and pass two flagship retail experiences; a high-end restaurant on the building’s 56th Street and Park Corner, and a premier retail/gallery space on its 55th Street and Park corner to showcase contemporary art/technology. Additional project amenities include a private garage exclusively for the building’s tenants with a special car lobby, private building entrance and chauffeurs’ lounge as well as a 26th amenity floor featuring outdoor space with views of Central Park, a wellness center and dining, meeting and conference rooms. 425 Park Avenue is located in the Plaza District, the most prominent submarket in Manhattan’s Midtown office market with close proximity to Central Park and Rockefeller Center.
The HFF debt placement team representing the borrower was led by senior managing director Mike Tepedino, managing director Michael Gigliotti and director Jennifer Keller.
“425 Park Avenue is an iconic asset that generated strong lender interest, speaking volumes to the world class nature of the asset, spectacular location and reputation of the development team. It was a pleasure for HFF to be associated with the construction financing for this exceptional property,” said Tepedino.