|Address:||425 Park Avenue||Class:||A|
|Cross Streets:||55th & 56th Streets||Size:||670,000 SF|
425 Park Avenue is a trophy Class A office building that offers stunning office spaces for lease tailor-made for the modern executive. This exquisite property was completed in 2022 and now serves as the new crown jewel of Midtown Manhattan’s famous Plaza District.
Owned by L&L Holding Company and designed by Pritzker Prize winner Lord Norman Foster of Foster+Partners, 425 Park offers tenants modern office space to lease in Midtown rather than the usual outdated Midtown office building. It is a pristine, redesigned, and redeveloped masterpiece. After six years of construction, it is also the first new building to take up an entire block of Park Avenue in 50 years.
425 Park Avenue would appeal to international law firms, hedge funds, private equity funds, technology companies, and publicly listed companies. Tenants include hedge fund Citadel, private-equity firms Hellman & Friedman and GTCR, and healthcare real estate investment trust (REIT) Medical Properties Trust. The building boasts an impressive occupancy rate; however, various worthwhile spaces remain available for lease at 425 Park Avenue.
It’s easy to talk about 425 Park’s magnificent architecture and the statement it makes. Yet 425 Park’s most resounding statement is on Midtown Manhattan‘s revival as a business district offering state-of-the-art office space to publicly listed companies, international law firms, media companies, hedge funds, and private equity firms.
Companies in the area no longer have to relocate to the World Trade Center or Hudson Yards if they want to rent modern office space and remain in Midtown New York City.
Class A, Amenity-Rich, LEED Gold and WELL Office Space
Even from a distance, you can sense that this 47-story, 897-foot-tall, 667,000-square-foot masterpiece offers something new and different. Three 200-foot concrete fins dot the New York City skyline with bright LEDs lights.
Once you enter the triple-height lobby, you can further sense the appeal. There are high ceilings and floor-to-ceiling glass windows. Floor plates are also triple-height and virtually column-free.
In addition, there’s a private 52-space garage and a lounge for chauffeurs. Chef Jean-Georges Vongerichten, famous for launching the Seaport District’s Tin Building food-and-restaurant complex, will also open a two-floor restaurant.
The Diagrid Club also offers tenants collaborative space and world-class food and beverages. Furthermore, indoor and outdoor gardens provide workers with relaxing spaces to socialize.
The breathtaking views of Midtown and Central Park are also intoxicating.
However, beyond the amenities, 425 Park is LEED Gold BD+C certified and New York City’s first-ever WELL-certified building.
Available floor plans range from 6,407 to 13,900 square feet of office space.
Available Space at 425 Park
Although Citadel took a big chunk of 425 Park Avenue’s office space, there’s still attractive availability. Per Costar, below are three different floor plans representing some of the best options.
Floor: Partial 34th
Floor: Entire 28th, Entire 29th, Entire 32nd, Entire 33rd, Entire 39th, Entire 40th
Rent: Depends on the floor. The 28th and 29th cost $205/SF, 32nd and 33rd $215/SF, 39th $230/SF, and the 40th $235/SF.
Floor: Entire 41st
Getting to and from 425 Park Avenue
Leasing office space at 425 Park puts you conveniently at the heart of Midtown Manhattan. You are no more than a 12-minute walk from Grand Central Station and around the corner from other subway stations linking you to the entire metropolitan area. The Lexington Av-53 St subway station hosts the E, M, and 6 lines, while the Lexington Av-59 St subway station also provides access to the N, R, 4, 5, 6, and W lines.
Who is renting office space at 425 Park Avenue?
425 Park Avenue is 85% leased. Financial services firm and hedge fund Citadel is the building’s largest tenant, occupying 415,000 of its approximately 670,000 rentable square feet. Private-equity firms like Hellman & Friedman and GTCR also lease two floors each.
Healthcare real estate investment trust (REIT) Medical Properties Trust also has a 15-year lease for the entire 36th floor.
How much is the rent price for office space at 425 Park Avenue?
Citadel leased most of the building long before its completion and paid $300 per square foot just to rent the top floors. At the time, this was New York City’s highest-ever office rent.
The supply of Modern Class Office space does not meet demand in Midtown. While other available floor plans in 425 Park do not charge asking rents as high as $300/SF, available floor plans go for over $200/SF.
Yet many tenants are willing to pay this kind of premium for trophy Class A office space in Midtown.
425 Park’s price location, amenities, and access to transportation make it the new crown jewel of both Midtown and the Plaza District.