JLL arranges $352M refinancing for 425 Lexington Avenue

JLL (company)'s Capital Markets group arranged a $352 million floating-rate, single-asset single-borrower (SASB) refinancing for 425 Lexington Avenue, a 31-story, 750,000-square-foot Class A office tower in Midtown Manhattan. The borrower is Vanbarton Group, LLC. The financing was provided by Goldman Sachs and pre-placed entirely with funds and accounts managed by BlackRock. The property is 99% leased, LEED Gold-certified, and recently underwent $35 million in upgrades including a new amenity center. The transaction highlights strong liquidity in debt markets for well-located Class A office buildings and the strength of the New York City office market, particularly the Grand Central submarket with less than 2% vacancy for trophy and top-tier Class A space.