Citadel-Leased Manhattan Skyscraper Lands $911 Million Financing [BNN Bloomberg (Canada)]
SUMITOMO MITSUI TR S/ADR (SUTNY)
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Source: BNN Bloomberg
Sumitomo Mitsui Trust Bank is the lead lender on the five-year, floating-rate loan for 425 Park Ave., according to a statement Thursday. The proceeds will be used to pay off a loan of the same size from 2021, which helped fund construction and leasing. The 670,000-square-foot building (62,245 square meters) was completed in 2022 and developed by L&L Holding, Tokyu Land US Corp. and BGO. The building is 90% leased, mostly to finance and investment firms. Citadel occupies 440,000 square feet across 22 floors. Read More: NYC's Secret Weapon to Keep Finance Elite Is Park Avenue Revamp Many office owners have struggled to get new financing in recent years as borrowing costs soared. Banks also pulled back from lending to offices as demand for space waned with the rise in remote work. But new buildings with more amenities have been able to land tenants and secure loans. “This massive loan package demonstrates the lending market's continued capacity and appetite to finance ultra-prem
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