JLL arranges $352M refinancing for 425 Lexington Avenue in Midtown Manhattan
United States, July 9 -- JLL's Capital Markets group announced that it has arranged a $352 million refinancing for 425 Lexington Avenue, a 31-story, 750,000-square-foot Class A office tower in Midtown Manhattan.JLL worked on behalf of the borrower, Vanbarton Group, LLC, to secure the floating rate, single-asset single-borrower (SASB) refinancing through Goldman Sachs, which was pre-placed entirely with funds and accounts managed by BlackRock.425 Lexington Avenue is a LEED Gold-certified, top tier office tower that serves as the global headquarters location for long-time anchor Simpson Thacher. Overall, the property is 99 percent leased and has been institutionally maintained, undergoing nearly $35 million in recent upgrades, including a new...
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