Citadel Preleases 200,000 SF at 425 Park
L&L Signs Anchor Tenant at Norman Foster Designed Plaza District Office
February 19, 2016
Hedge fund sponsor Citadel has signed a lease to occupy roughly 200,000 square feet at the Plaza District office building currently rising at 425 Park Ave. in New York City.
The investment firm will relocate from its current offices at 600 Lexington when the new building is completed in the fourth quarter of 2018.
Pritzker Prize-winning architect Lord Norman Foster designed the 47-story, 670,000-square-foot office tower, which broke ground in September 2015 on a full-block site between E. 55th and 56th streets.
Manhattan-based L&L Holding Co. is developing the tower on behalf of its joint-venture and equity partners, Tokyu Land Corporation and GreenOak Real Estate, with Foster + Partners, architect.
CBRE represented both sides of the deal, with Mary Ann Tighe, Evan Haskell, Sarah Pontius and Zak Snider representing the landlord along with David C. Berkey, executive vice president at L&L. CBRE's Andrew Sussman, John Nugent and Chris Corrinet represented the tenant.
"This is a once-in-a-lifetime opportunity to create something bold and innovative on one of the world’s most exciting thoroughfares," noted David Levinson, chairman and CEO of L&L Holding.