L&L Holdings has taken a major step towards erecting the first new office tower along Park Avenue in more than 30 years. The Wall Street Journal reported the firm has reached out to 11 big-name architects, including three Pritzker Prize winners, for design ideas on a new skyscraper at 425 Park Avenue, between 55th and 56th Streets.
L&L Holdings acquired the long-term lease on the existing building in a partnership with Lehman Brothers Holdings in 2006. In an effort to boost revenue on the prime Park Avenue site, it wants to demolish the existing 31-story, 567,000-square-foot, circa-1950s office tower and replace it with a new $750 million building. The property is currently mostly leased with rents of about $50 to $70 per square foot. The Journal speculated that a new building would attract rents of more than $100 per foot.
To build as tall as possible per building codes, L&L Holdings must keep 25 percent of the existing structure, although Bloomberg is working to change those rules. In the meantime, L&L hopes to have the building vacant by 2015 so that demolition can start and the building can be complete by 2017.