{"id":1004804938,"date":"2026-07-10T03:46:31","date_gmt":"2026-07-10T11:46:31","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004804938"},"modified":"2026-07-10T03:46:33","modified_gmt":"2026-07-10T11:46:33","slug":"vanbarton-lands-352m-for-midtown-manhattan-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vanbarton-lands-352m-for-midtown-manhattan-tower\/","title":{"rendered":"Vanbarton Lands $352M for Midtown Manhattan Tower"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/07\/425-Lexington-Ave-in-Midtown-1.jpg\"><img decoding=\"async\" data-attachment-id=\"1004804941\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/vanbarton-lands-352m-for-midtown-manhattan-tower\/425-lexington-ave-in-midtown-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/07\/425-Lexington-Ave-in-Midtown-1-e1783669487278.jpg\" data-orig-size=\"790,594\" 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;1360867828&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;1&quot;}\" data-image-title=\"425 Lexington Ave in Midtown\" data-image-description=\"&lt;p&gt;Image courtesy of JLL Capital Markets, attached to the press release.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The property rises 31 floors.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/07\/425-Lexington-Ave-in-Midtown-1-e1783669487278.jpg?w=790\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/07\/425-Lexington-Ave-in-Midtown-1.jpg?w=676\" alt=\"Aerial shot of 425 Lexington Ave., a trophy tower in Midtown Manhattan.\" class=\"wp-image-1004804941\" style=\"width:400px\"\/><\/a><figcaption class=\"wp-element-caption\">425 Lexington has undergone a $35 million renovation program which added a new amenity center. <br><em>Image courtesy of JLL Capital Markets<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Vanbarton Group has obtained a $352 million loan to refinance 425 Lexington Ave., a 750,000-square-foot office tower in Midtown Manhattan. Goldman Sachs provided the floating-rate, single-asset single-borrower note using funds and accounts managed by BlackRock. JLL Capital Markets arranged the deal.<\/p>\n\n\n\n<p>The refinancing retires a $214.4 million loan originated by New York Life Insurance Co. in 2023, according to Yardi Matrix data. The previous note was scheduled to mature this August. The Class A office tower has been under Vanbarton\u2019s ownership since 2018, when the company paid $701 million, or $1,001 per square foot, to JP Morgan Asset Management to acquire it.<\/p>\n\n\n\n<p>Completed in 1987 after the plans of architect Helmut Jahn, 425 Lexington Ave. features floorplates ranging from 14,000 to 32,563 square feet, across 31 floors. A LEED Gold-certified property, the office building has recently undergone a $35 million renovation program which added a 16,700-square-foot amenity center. Dubbed LX Club, the space includes a wellness center with sauna and yoga studio, multiple tenant lounges and a 45-person conference facility.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO: <\/strong><a href=\"https:\/\/www.commercialsearch.com\/news\/top-commercial-mortgage-lenders-and-brokerage-firms\/\">Largest Commercial Mortgage Lenders<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The high-rise serves as the global headquarters for law firm anchor Simpson Thacher &amp; Bartlett, which occupies 595,000 square feet at the property. The tenant roster also includes Blackstone, JP Morgan, Citadel, MetLife and Holwell Shuster &amp; Goldberg. At the time of the deal, 425 Lexington Ave. was 99 percent leased.<\/p>\n\n\n\n<p>The property occupies an entire city block, located directly across from Grand Central Terminal, the One Vanderbilt and the Chrysler buildings.<\/p>\n\n\n\n<p>JLL Capital Markets Senior Managing Directors Christopher Peck and Drew Isaacson, together with Directors Christopher Pratt and Jennifer Zelko, brokered the refinancing deal on behalf of the ownership.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-top-tier-manhattan-buildings-still-attract-lender-interest\">Top-tier Manhattan buildings still attract lender interest<\/h2>\n\n\n\n<p>As of May, Manhattan&#8217;s average office listing rates rose 1.8 percent year-over-year to $69.3 per square foot, according to a <a href=\"https:\/\/www.commercialsearch.com\/news\/falling-office-vacancy-contrasts-with-rising-distress\/\">recent Yardi Matrix report<\/a>, with San Francisco ($62.1 per square foot) and Miami ($58.4 per square foot) trailing behind at a distance. During the same timeframe, the borough&#8217;s average vacancy rate registered another steep 260-basis-point drop compared to May 2025, to 13.1 percent, placing the market back on top with the lowest value across the largest 30 markets in the U.S.<\/p>\n\n\n\n<p>While Class B office buildings continue to struggle to obtain refinancing, recently upgraded, Class A properties maintain their magnetic pull with investors and lenders. Recent office refinancing deals in Manhattan include <a href=\"https:\/\/www.commercialsearch.com\/news\/rithm-capital-to-land-415m-refi-for-plaza-district-asset\/\">Rithm Capital Corp. securing $415 million<\/a> to recapitalize its 785,087-square-foot tower at 31 W. 52nd St. in Plaza District. Last month, a partnership between Broad Street Development and KSR Capital also secured <a href=\"https:\/\/www.commercialsearch.com\/news\/broad-street-ksr-secure-138m-recap-for-manhattan-tower\/\">$138 million for 370 Lexington Ave.<\/a>, two blocks south of Vanbarton&#8217;s high-rise.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Goldman Sachs provided the loan using BlackRock funds.<\/p>\n","protected":false},"author":3619,"featured_media":1004804941,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1600,21742,10,21747],"tags":[33106,33435,44006,32823],"class_list":["post-1004804938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-blackrock","tag-goldman-sachs","tag-jll-capital-markets","tag-vanbarton-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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