State Bank of India Takes 425 Park’s Last Available Floors

The State Bank of India has leased the last remaining floors at L&L Holding’s 425 Park Avenue, where its neighbors include fellow financial services firm Citadel.

The bank leased 41,700 square feet on floors 33, 39 and 40 of the 47-story tower.

Each of the three floors spans 13,900 square feet and offers views of Central Park. Along with its worldwide offices, the bank currently has U.S. outposts in New York, Chicago and Los Angeles. 

The India-based lender has been at 460 Park Avenue in roughly 33,436 square feet on the second and third floors, but that office building is now being renovated.

Along with the information on the lease, public records show the bank was seeking proposals from contractors to build out the new space, which it intends to occupy by the beginning of 2026. Records show Cushman & Wakefield was hired as the project manager. 

Both Cushman & Wakefield and L&L Holding reps declined to comment, citing non-disclosure agreements.

Industry sources said Michael Burgio of C&W represented the lender while L&L’s in-house team represented the building. Asking rents there have been in the triple digits with some rents hitting or over $300 per square foot. The length of the lease is not known.  

A stacking plan on L&L’s website currently shows no office availabilities.

Among the tenants is Citadel, while its founder, Ken Griffin, has a perch on the top, 47th double-height floor. Other tenants include private equity firms GTCR and Hellman & Friedman, along with hedge fund Maverick Capital and the Kuwaiti investment firm Wafra Capital Partners.

Designed by Foster + Partners, 425 Park’s amenities include the dramatic Diagrid Club on the double-height 26th floor, which has a reflective art installation from Yayoi Kusama on its wall. There is also food service and private rooms for transcendental meditation by the David Lynch Foundation.

Coming online during the pandemic, the entire building from David Levinson and Robert Lapidus‘s firm is WELL-certified with complex air filters and ultraviolet radiation, water sensors and testing, and advanced sound mapping engineering to mitigate noise.

The Jean-Georges Vongerichten restaurant Four Twenty Five is in the base of the project.