Private Equity Firm Hellman & Friedman Takes 28K SF at 425 Park Avenue
Private equity firm Hellman & Friedman took 27,800 square feet at 425 Park Avenue, the first deal signed at the $1 billion Midtown development in more than two years.
Hellman & Friedman signed a 15-year lease for space on two floors of L&L Holding Company’s under-construction, 897-foot-tall tower between East 56th and East 57th streets, The New York Post first reported.
A spokesperson for L&L declined to provide more information on the deal, but asking rents in the building range from $185 to $255 per square foot, as Commercial Observer previously reported.
Hellman & Friedman — which has locations in San Francisco and London — currently has its New York offices nearby in the Lever House at 390 Park Avenue and plans to move to its new digs in the fourth quarter of 2021, according to L&L.
The deal marks the first transaction in the 47-story development since Citadel expanded its presence by 120,400 square feet in 2019, bringing the hedge fund to 331,800 square feet in the property.
The development, designed by Foster + Partners, replaced a 1950s-era, 33-story building with a 675,000-square-foot, steel-and-glass skyscraper. L&L started construction on 425 Park in 2016 and plans to finish it later this year.
Cushman & Wakefield’s Jonathan Serko, Barry Zeller, Andrew Ross, Richard Serko, Ed Donnery and Mike Middleton represented Hellman & Friedman in the deal, while L&L handled it in-house via Andrew Wiener and David Berkey. A spokesperson for C&W declined to comment.