Blackstone Leads $911M Refinancing of 425 Park Ave

The 47-story, 670,000-square-foot 425 Park Avenue office tower nearing construction completion by L&L Holding Co., has secured a $911.4 million refinancing package. Blackstone Real Estate Debt Strategies led the refinancing as part of a consortium of lenders. Rising 897 linear feet, the building is the first full-block tower to rise along the “world’s most fabled commercial boulevard in half a century.” Upon construction completion, global asset management firm Citadel will anchor the building in 331,800 square feet spanning 16 floors.