425 Park Avenue

Property Overview:
425 Park Avenue is currently an older white-brick building occupying the entire east block front of Park Avenue from 55th and 56th Streets in Manhattan. The property is a development site slated to be rebuilt as the newest premiere Park Avenue office building.

Investment Strategy:

• Acquired a long-term, 84-year leasehold position for a prime Park Avenue development site.
• Engaged in significant negotiations with multiple parties throughout a lengthy competitive process among three potential purchasers with multiple constituencies within the seller group.

Value Created:

• Existing building to be delivered fully vacant, allowing L&L to create the first new full block-front office building on Park Avenue in over 50 years.
• Negotiated below market ground-rent for duration of lease term due to relationship with seller.
• New development expected to be a 650,000 square foot, 35+ story LEED Class A office tower.