JLL Arranges $352M Refinancing for 99%-Leased 750K-SF Midtown Office Tower
JLL•JLL’s Capital Markets group secured a $352 million floating-rate refinancing for 425 Lexington Avenue, a 31-story, 750,000-square-foot Class A office tower in Midtown Manhattan. The LEED Gold building is 99% leased, features $35 million of recent upgrades including a 16,700-square-foot amenity center, and is pre-placed with BlackRock funds.
1. Financing Structure
JLL’s Capital Markets group arranged a $352 million floating-rate refinancing for 425 Lexington Avenue through Goldman Sachs, pre-placed entirely with funds managed by BlackRock. The single-asset, single-borrower facility highlights strong debt market liquidity for premier office assets.
2. Property Details
425 Lexington Avenue is a 31-story, 750,000-square-foot Class A office tower, LEED Gold certified and 99% leased. Recent $35 million capital improvements included a 16,700-square-foot LX Club amenity center featuring a wellness area, sauna, yoga studio, tenant lounges, conference facilities and a golf simulator.
3. Market Context
Positioned opposite Grand Central Terminal in the Grand Central office submarket—which has sub-2% vacancy for top tier properties—425 Lexington attracts prominent tenants such as Blackstone, JP Morgan and Citadel. High occupancy rates, prime location and upgraded amenities drove robust lender interest and transaction execution.
