The Real Deal New York

Citadel mulls move into L&L’s 425 Park

Investment firm would be anchor tenant at the 670,000-square-foot tower

July 08, 2015 08:30AM

From left: a model of 425 Park and Lord Norman Foster, Tokyu Land Corporation president Hitoshi Uemura, David Levinson, Robert Lapidus and L&L marketing director Sara Fay at last month's groundbreaking

From left: a model of 425 Park Sonny Kalsi, Lord Norman Foster, Hitoshi Uemura, David Levinson and Robert Lapidus at last month’s groundbreaking

Investment firm Citadel could become the anchor tenant of L&L Holding Company, GreenOak Real Estate and Tokyu Land Corp.’s 425 Park Avenue.

The tower — on which the developers broke ground last month, cups of sake in hand — will be the first office tower to be developed on Park Avenue in about 50 years, according to the New York Post.

While Citadel recently signed a lease renewal at its current location at 601 Lexington Avenue, the newspaper reported that the firm is looking for more space at 425 Park. The developers secured a $556 million construction loan from HFF in June. Norman Foster is designing the tower, which will stand 897 feet tall and span 670,000 square feet. [NYP, 1st] — Claire Moses