Lehman Brothers Holdings Inc. is aiming to sell its 90 percent stake in 425 Park Avenue, a source familiar with the matter confirmed with The Commercial Observer. Eastdil Secured is marketing the property, according to the source.
A publicly available spreadsheet of Lehman’s commercial real estate holdings lists a building with a description similar to 425 Park Avenue: “Sandwich ground lease in an existing Class B building in New York City that is slated for demolition and redevelopment into a new office tower beginning 2015.” The list of holdings identifies Adam Spies of Eastil Secured as the broker for the property. The source familiar confirmed Spies as the broker for 425 Park Avenue, but the listing could not be immediately verified.
The Wall Street Journal first reported the story earlier today. The Midtown East building is set to be demolished and replaced with a new office tower designed by Foster + Partners.
Lord Norman Foster this month won the contest to design the first new office tower in almost 50 years on Park Avenue, beating three other finalists for the opportunity to make a mark on the row of 30 Class A buildings in the submarket, which already boasts two of the city’s most famous modernist classics.
L&L Holding Co. late last month chose Foster + Partners’ design for an illuminated 41-story tower at 425 Park Avenue, a few blocks north of the Seagram Building and Lever House, 1950s buildings that helped establish the International Style of glass and steel construction. Foster’s tapered steel-frame tower allows for three gradated tiers of column-free floors, separated by tree-lined terraces where employees will take breaks and exchange ideas, as well as a ground-level public plaza.
Two years ago, renowned British architect Norman Foster was tapped to design an underground expansion for the New York Public Library, a project that has seen little movement since it was first revealed. Foster + Partners may now be working on something above ground at Bryant Park as well, albeit it of an equally Read More