Construction is moving fast for 425 Park Avenue, as is the curtain wall. The new Midtown office tower rising on Manhattan’s most prestigious thoroughfare saw steel begin climbing rapidly as soon as construction breeched the original partially-demolished extant structure. As it now stands, topping out appears imminent. The concrete core has reached the top floor, while the steel has 15 more stories remaining before its final 41st level. L&L Holding Company is responsible for the development.
Norman Foster + Partners is responsible for the design. The firm’s façade for the building is finally making a big impact, covering most of the ground-level setback.
Eventually, the tower will stand 893 feet tall, boosted by the addition of three ornamental fins. 670,000 square feet will be created for future office tenants, most notably Citadel. The Hedge Fund, led by billionaire Ken Griffin, signed an 11-year lease for 200,000 square feet of 425 Park Avenue. It broke records as the most expensive office lease in the city’s history, at as high as $300 per square foot for the top two floors.
Ken Griffin had also been in the news recently for another record-setting price, spending $200 million on an apartment in 220 Central Park South.
Office space is renting within a range of $185 to $265 per foot for the highest floors.
Completion is expected by next year.