Architectural rendering of 425 Park Ave., diagrid level
NEW YORK CITY—Citadel Enterprises is expanding its footprint at L&L Holding Company's 47-story office tower currently under construction at 425 Park Ave. In addition to the 211,400 square feet it originally leased in 2016, the global asset management firm is renting an additional 120,400 square feet across the ninth through 14th floors, to occupy a total of 16 floors. Citadel will relocate from its current offices at 601 Lexington Ave. when the new building is completed in early 2020.
Asking rents at 425 Park Ave. range from $185 to $255 per rentable square foot.
The new lease includes the building's signature diagrid floor, a space having floor-to-ceiling, diamond-shaped glass planes framed in steel triangles. This architectural feature has already received considerable press attention for its ample natural lighting and uniquely striking aesthetics.
Designed by architect Lord Norman Foster, the building is the first full-block office skyscraper to be constructed on Park Ave. in over half a century. It is located between E. 55th and E. 56th streets. Last month, the tower's steel frame was completed. Progress continues in building the 897-foot structure which will be capped off by three distinctive ornamental steel and glass fins.
“Citadel's decision to expand at 425 Park Ave. 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,” says L&L Holding Chairman and CEO David Levinson.
In addition to its state-of-the-art technology, the building will feature a 45-foot tall lobby, two 38-foot tall setback floors, the higher of which will house the building's amenities floor and a 38-foot tall, glass enclosed penthouse office. Each setback floor will include more than 3,000 square feet of landscaped outdoor terraces. The tower is being constructed to meet LEED Gold sustainability standards and to receive WELL certification.
Chef Daniel Humm and restauranteur Will Guidara, the proprietors of Eleven Madison Park and The Nomad, will open their third New York City restaurant at the base of 425 Park Ave.
David Levinson, David C. Berkey and Andrew Wiener of L&L represented ownership in-house in the leasing transaction. Alex Chudnoff, Joseph Messina and Matthew Astrachan of Jones Lang LaSalle represented Citadel.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
