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