L&L Holding Company has leased 425 Park Avenue’s last remaining availability — a premier bi-level retail space — to Ferrari North America Inc., which will open a new flagship showroom at the tower.
L&L Holding has now reached 100% office and retail leasing at 425 Park Avenue after securing the 10-year, 7,629-square-foot lease with Ferrari. Located on the northeast corner of Park Avenue and East 55th Street, the retail space spans the street- and mezzanine levels with floor-to-ceiling windows.
“Ferrari is pleased to start a new chapter in our expanding presence in New York City in such an iconic building in the heart of Midtown Manhattan,” said Matteo Torre, president of Ferrari North America.
Developed by L&L Holding, along with its co-equity partner and co-developer Tokyu Land US Corporation and co-managing partner BGO, the entirety of 425 Park has now been successfully leased less than three years after its opening. Designed by Foster + Partners, 425 Park is the first full-block office development on Park Avenue in more than half a century.
“From its grand Park Avenue streetscape to the ornamental fins that pierce the Manhattan skyline, 425 Park represents the very best that New York and the Plaza District have to offer,” said L&L Chairman and Chief Executive Officer David Levinson. “Our agreement with Ferrari is a crowning achievement for L&L Holding and all our project partners. We set out to create a tower that would appeal to the world’s most esteemed companies and brands, and that is exactly what we have accomplished.”
Ferrari is joined at street level by Four Twenty Five, the new restaurant operated by renowned chef and restaurateur Jean-Georges Vongerichten, which occupies the retail space directly to the north of 425 Park’s grand lobby. Multinational hedge fund and financial services company Citadel is the building’s anchor office tenant, occupying 440,000 square feet across 22 floors of the 47-story tower. It is joined by an office tenant roster featuring many of the world’s leading finance and investment firms.
The 897-foot tower includes two 38-foot-tall transitional floors, one of which was reserved for The Diagrid Club, an amenity and wellness center.
L&L Holding was represented in-house by Jonathan Tootell, Tanya Grimaldo and Giannina Brancato. Ferrari was represented by Patrick Smith of JLL and Frank Recine of Accordia.
