Vanbarton Group has secured $352 million in refinancing for 425 Lexington Ave., a 31-story, 750,000-square-foot class A office tower in Midtown Manhattan.
JLL worked on behalf of the borrower to secure the floating-rate, single-asset, single-borrower (SASB) refinancing through Goldman Sachs, which was pre-placed entirely with funds and accounts managed by BlackRock.
425 Lexington Ave. is a LEED Gold-certified, top-tier office tower that serves as the global headquarters of longtime anchor Simpson Thacher. Overall, the property is 99 percent leased and has been institutionally maintained, undergoing nearly $35 million in recent upgrades, including a new amenity center. The newly delivered LX Club is a 16,700-square-foot, state-of-the-art amenity center that includes a wellness center with Technogym equipment, a sauna and a yoga studio, multiple tenant lounges, a 45-person conference facility and a golf simulator.
The office tower occupies a full city block on Lex
