{"id":1004525784,"date":"2021-03-23T08:50:04","date_gmt":"2021-03-23T16:50:04","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004517874"},"modified":"2021-05-19T01:21:38","modified_gmt":"2021-05-19T09:21:38","slug":"private-equity-firm-leases-two-floors-in-manhattan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/private-equity-firm-leases-two-floors-in-manhattan\/","title":{"rendered":"Private Equity Firm Leases Two Floors in Manhattan"},"content":{"rendered":"<div id=\"attachment_1004517877\" style=\"width: 210px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/425-Park-by-Alan-Schindler-1.jpg\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004517877\" data-attachment-id=\"1004517877\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/555-washington-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/555-Washington.jpg\" data-orig-size=\"801,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"555-Washington\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/555-Washington.jpg?w=801\" loading=\"lazy\" class=\"wp-image-1004517877 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/425-Park-by-Alan-Schindler.jpg\" alt=\"\" width=\"200\" height=\"300\"><\/a><p id=\"caption-attachment-1004517877\" class=\"wp-caption-text\">425 Park Avenue. <em>Image courtesy of Alan Schindler<\/em><\/p><\/div>\n<p>L&amp;L Holding Co. has signed a long-term, 27,800-square-foot lease with Hellman &amp; Friedman LLC at the real estate investment company&#8217;s nearly completed 425 Park Avenue tower in Manhattan\u2019s Midtown East. The private equity firm will relocate its New York offices to the Foster + Partners-designed office tower that recently <a href=\"https:\/\/www.commercialsearch.com\/news\/norman-foster-designed-tower-nears-completion-in-manhattan\/\">received a temporary certificate of occupancy<\/a>, marking its imminent delivery.<\/p>\n<p>Hellman &amp; Friedman plans to move during the last quarter of 2021, relocating from its current home at Lever House at 390 Park Ave., just a block away. According to CommercialEdge data, the firm has been occupying 10,400 square feet at the 21-story tower owned by RFR Realty since 2017. The tenant\u2019s fresh two-floor commitment stretches over 15 years.<\/p>\n<p>Rising 47 stories and 897 feet, 425 Park Avenue is the first building in the last 50 years to take up an entire block along Park Avenue. The 670,000-square-foot project that has been more than 15 years in the making will seek WELL and LEED Gold certifications. The tenant roster includes hedge fund Citadel with a 331,800-square-foot lease across 16 stories.<\/p>\n<p>The Cushman &amp; Wakefield team negotiating the deal for Hellman &amp; Friedman included Jonathan Serko, Barry Zeller, Andrew Ross, Richard Serko, Ed Donnery and Mike Middleton. L&amp;L Holding\u2019s Andrew Wiener and David Berkey represented the landlord in-house.<\/p>\n<h2>Office market woes<\/h2>\n<p>As the borough&#8217;s pandemic-affected office market struggled to find ways to cope with its unprecedented vacancy through March, law firm Jenner &amp; Block LLP chalked up a 15-year, <a href=\"https:\/\/www.commercialsearch.com\/news\/law-firm-relocates-in-midtown-manhattan\/\">67,000-square-foot commitment<\/a> at 1155 Avenue of the Americas. Private equity giant <a href=\"https:\/\/www.commercialsearch.com\/news\/blackstone-inks-80-ksf-expansion-in-manhattan\/\">Blackstone expanded its headquarters<\/a> in Midtown Manhattan around the same time, signing up for an additional 80,000 square feet at Rudin Management Co.&#8217;s 345 Park Ave. tower.<\/p>\n<p>According to a recent CommercialEdge report, Manhattan office vacancy rates reached 10.5 percent in February, rising 2.8 percentage points year-over-year. The borough&#8217;s asking prices remain on top of all U.S. markets, with The Olayan Group&#8217;s 550 Madison Ave. leading listings at $210 per square foot.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>L&amp;L Holding Co. signed a long-term commitment amid hesitancy in the borough&#8217;s office market.<\/p>\n","protected":false},"author":739,"featured_media":1004527844,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1600,21742,10,21747],"tags":[32799,32879,35294],"class_list":["post-1004525784","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-new-york","category-latest","category-northeast","category-office","tag-cushman-wakefield","tag-foster-partners","tag-ll-holding-company"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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