The most highly anticipated office tower in The Plaza District might soon have an anchor tenant.
425 Park Avenue, L&L’s proposed office tower on 56th Street and Park Avenue, will undoubtedly become one of the most coveted addresses in New York City and the entire world. The glass and steel office tower is now well under construction and slated to be the first brand new development on Park Avenue in over 50 years. Similar to other new office buildings in Manhattan (a la 510 Madison Avenue, 7 Bryant Park, One Bryant Park, etc.) the building will showcase all of the amenities and finishes that modern tenants have grown to desire. For instance, the asset will offer floor-to-ceiling windows, extra-high ceilings, highly efficient & virtually column-free floorplates, a jaw-dropping lobby on Park Avenue, common spaces, and unobstructed views from the higher portion of the building. Additionally, L&L has already committed to bringing in the operators of 11 Madison Park, Daniel Humm and Will Guidara, who will operate the retail component/restaurant. Accordingly, it is no surprise that one of the largest hedge funds in the world, Citadel, is sniffing around to be the first tenant to anchor the upcoming trophy office building.
According to today’s New York Post, the Chicago based hedge fund, led by superstar Portfolio Manager Ken Griffin, inked a short-term renewal at Boston Properties’ 601 Lexington Avenue in anticipation of seeking more space at L&L’s new prize. Per Lois Weiss, the building will be ready for occupancy in 2018 and feature several atrium-like double-height floors with pricing starting at about $150+ per square foot. Grab some popcorn and check out the incredible video below.