The Chicago Based Hedge Fund is Set to Anchor L&L’s 425 Park Avenue, New York City’s Newest Trophy Office Tower
Citadel, the Chicago based hedge fund led by Ken Griffin, reportedly inked a deal for over 200,000 square feet at L&L’s proposed trophy office tower, 425 Park Avenue. As previously reported by HedgeFundSpaces.com in July (click here to read the post), Citadel was interested in anchoring the building and is now the first tenant to commit to the most anticipated trophy office building in New York City.
Scheduled for completion in 2018, Citadal’s deal reportedly starts at a whopping $300 per square foot for the penthouse- numbers that are unheard of for office spaces worldwide. According to Daniel Geiger of Crain’s New York, “The lease includes the building’s penthouse, which Citadel has agreed to pay $300 per square foot to rent. That’s about 50% more than previous peak rents in the city, which had topped out at about $200 per square foot”. Though it might seem like an absurd price for office space rent, the building will undoubtedly become one of the most prominent structures (and addresses) in all of Manhattan and the world. Also, as a comparison, older vintage buildings offering similar views are commanding rents in the $200+ per square foot range, including 9 West 57th Street, 667 Madison Avenue and The GM Building.
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425 Park Avenue