Anchor tenant Citadel Enterprises LLC, one of the world’s largest asset management firms, is expanding its tenancy at 425 Park Avenue, a 47-story office tower currently under construction in the famed Plaza District of Midtown Manhattan.
Citadel’s presence at the 690,000 square-foot Midtown tower will grow to approximately 331,800 square feet as a result of this expansion. In addition to the 211,400 square feet it originally leased in early 2016, the firm will take an additional 120,400 square feet across floors 9 through 14, bringing its total footprint to 16 floors.
The new lease includes the signature diagrid floor and accompanying mezzanine on the 12th floor and 14th floors, featuring 38-foot ceiling heights with floor-to-ceiling glass, two major outdoor terraces and a 12,000 square-foot mezzanine itself with 20-foot ceiling heights.
Citadel’s expanded commitment at 425 Park Avenue follows closely on the heels of completion of the building’s steel superstructure in December 2018. The project, which is being designed by Pritzker Prize-winning architect Lord Norman Foster, is the first full-block office tower to be constructed on Park Avenue in over half a century. The tower will rise to 897 feet and be capped off by three distinctive ornamental steel and glass fins marking its imprint on the Manhattan skyline.
L&L Holding Chairman and CEO David Levinson said, “Citadel’s decision to expand at 425 Park Avenue is a validation of our commitment to create the most modern, technologically-advanced and collaborative office environment in New York City. It will help Citadel attract and retain an elite and sophisticated workforce.”
L&L is partnering with world-renowned Chef Daniel Humm and Restaurateur Will Guidara, the proprietors of the Michelin-starred Eleven Madison Park and The NoMad, on their third New York City restaurant, which will be situated at the base of the gleaming new tower. The property is being constructed to L.E.E.D. Gold sustainability standards and will be the first commercial office building to achieve WELL certification, which recognizes innovations to enhance the health and well-being of a building’s future occupants.
David Levinson, David C. Berkey, and Andrew Wiener of L&L Holding Company represented ownership in-house in the transaction, while Alex Chudnoff, Joseph Messina and Matthew Astrachan of Jones Lang LaSalle represented Citadel.
Citadel is currently located at 601 Lexington Avenue and plans to relocate to 425 Park Avenue when the project is completed in early 2020.
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