Citadel Inks Priciest Deal in NYC History at 425 Park

September 17, 2015

Lance Leighton

Founder –
New York State Licensed Real Estate Salesperson

Call 516-557-1160

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 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.

Click here to contact us for more information on 425 Park Avenue or here for our free office space search.

Recent Posts

Your Own Personal Skybox Office Suite – Top

  • By Lance Leighton | April  02,  2013

Insane Ceiling Heights and Ridiculous Views to Infinity and Beyond! is committed to showcasing the most unique and high-end office spaces in New York City.  Accordingly, today our team…

Year in Review – The Largest Office Relocations

  • By Lance Leighton | January  05,  2018

BlackRock, Bank of America and Third Point had Midtown Manhattan's most notable new leases. There is no question that 2017 was a solid year for New York City commercial real…

Why Your Current Real Estate Broker is WRONG

  • By Lance Leighton | December  27,  2022

The office space market is being dictated by ONE thing, Culture! As one of the more active office space brokers in New York City, I can’t help but cringe when…