First New Addition to Park Avenue in 40 Years!
Slated for completion in late 2018, 425 Park Avenue between 55th and 56th Streets, is now leasing office floors seeking the highest office rents in Manhattan. Citadel Investment Group has signed an eleven year lease on the 17-25 floors and 46-47 floors for an unheard of $300 per square foot. This 47 story 670,000 square foot five star office tower designed by Foster & Partners Architects, will perhaps be most known for raising the bar for premier office space . It will also be known to be the first building built on Park Avenue in 40 years. Although this is a new building among the rows of older Park Avenue office buildings, the design of 425 Park will to some extent preserve the traditional Park Avenue look. Some of the premier office space features will include:
- Lobby ceiling height of 25 feet
- Garden terraces on the north and south sides
- Excellent floor plate shape and column free floors
- Floors with 35+ foot ceiling height
- Floor to ceiling glass with minimal steel support
- Some floors with partial glass ceilings
- Elevator cabs built in a section adjacent to the main structure allowing the most efficient floor plate possible
- Top amenities expected for building rents north of $200 per square foot
- Unique and iconic building design
Former Home of Kaye Scholer
For quite some time, 425 Park was an eyesore on Park Avenue. The building was predominantly occupied by Kaye Scholer. When the landlease was up in 2012, Kaye Scholer and a few other tenants moved out. 425 Park was then taken apart brick by brick. Some of the existing steel frame remains but the building will effectively be completely brand new.
425 Park Avenue will be the first building in New York City to be Well Certified. WELL Certification is a new designation that is about improving air quality, water and light. The certification is provided by the International Well Building Institute.
The building will be catering towards high-end financial service firms. 425 Park will also house