JLL arranges $352M refinancing for Manhattan office tower
JLL's Capital Markets group has arranged a $352 million refinancing for 425 Lexington Avenue, a 750,000-square-foot office tower in Midtown Manhattan. The transaction highlights strength in the New York City office market and debt market liquidity.
JLL's Capital Markets group announced it has arranged a $352 million refinancing for 425 Lexington Avenue, a 31-story, 750,000-square-foot Class A office tower in Midtown Manhattan.
The refinancing, a floating-rate, single-asset single-borrower loan, was secured through Goldman Sachs and entirely pre-placed with funds and accounts managed by BlackRock.
425 Lexington Avenue is a LEED Gold-certified tower serving as the global headquarters for law firm Simpson Thacher. The property is 99 percent leased and recently underwent nearly $35 million in upgrades, including a new 16,700-square-foot amenity center known as the LX Club.
The building is located across from Grand Central Terminal, a prime area experiencing low vacancy. JLL's Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Directors Christopher Peck and Drew Isaacson, and Directors Christopher Pratt and Jennifer Zelko.