The 750,000-square-foot property at 425 Lexington Avenue remains 99 percent leased, anchored by law firm Simpson Thacher. Its financial stability is bolstered by a recent $35 million capital improvement program, which introduced the LX Club—a 16,700-square-foot amenity suite featuring wellness facilities, tenant lounges, and a golf simulator.
Vanbarton Group Secures $352 Million Refinancing for 425 Lexington
A 31-story Midtown Manhattan office tower has secured $352 million in floating-rate debt, signaling continued institutional appetite for high-end workspace. JLL negotiated the single-asset refinancing for Vanbarton Group, with Goldman Sachs providing the capital, which was subsequently placed with funds managed by BlackRock.
Positioned directly across from Grand Central Terminal, the LEED Gold-certified building benefits from the Grand Central submarket's sub-two percent vacancy rate for trophy assets. Christopher Peck, senior managing director at JLL, noted that prime towers with significant upgrades and proximity to major transit hubs continue to draw robust interest from lenders. The debt advisory team, including Drew Isaacson, Christopher Pratt, and Jennifer Zelko, highlighted the transaction as a reflection of the scarcity of high-quality office inventory in the current New York market.
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