Migdal Insurance has closed its acquisition of a 35 percent interest in the centrally located trophy building at 425 Lexington Avenue in New York City.
The property was purchased in October 2018 for $700 million by Vanbarton Group together with one of its U.S. pension fund partners.
The office portion at 425 Lexington is currently 98 percent leased, with global law firm Simpson Thatcher occupying approximately 80 percent of the property, while The Canadian Imperial Bank of Canada (CIBC) occupies approximately 18 percent of the building.
The retail component of the building is 100 percent leased to a mix of long-time tenants including Starbucks and Pret A Manger.
The Grand Central submarket has been experiencing robust interest and investment at a level that it has not experienced in d
