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| Jennifer Keller |
NEW YORK, NY
– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $556 million
construction loan for 425 Park Avenue, an iconic full-block office development
on Manhattan’s Park Avenue.
HFF worked
on behalf of the borrower, L&L Holding Company and GreenOak Real Estate, to
secure the loan 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.
 |
| Mike Tepedino |
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.
For a complete copy of the company’s
news release, please contact:
Kristen M.
Murphy
Associate
Director
HFF | One
Post Office Square, Suite 3500 | Boston, MA 02109
Main:
617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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