L&L Holding achieves full occupancy
at 425 Park Ave.

Manhattan, NY L&L Holding Company has leased 425 Park Ave.’s last remaining availability – a premier bi-level retail space – to Ferrari North America Inc., which will open a new flagship showroom at L&L’s Plaza District tower.

L&L Holding has reached 100% office and retail leasing at 425 Park Ave. after securing a 10-year, 7,629 s/f lease with Ferrari. Located on the northeast corner of Park Ave. and East 55^th St., the retail space spans the street- and mezzanine levels with floor-to-ceiling windows.

L&L Holding was represented in-house by Jonathan Tootell, Tanya Grimaldo and Giannina Brancato. Ferrari was represented by Patrick Smith of JLL and Frank Recine of Accordia.

Developed by L&L Holding, along with its co-equity partner and co-developer Tokyu Land US Corp. and co-managing partner BGO, the entirety of 425 Park has now been leased less than three years after its opening. Designed by Foster + Partners, 425 Park is the first full-block office development on the world’s most famous commercial boulevard in more than half a century.

After winning an international architecture competition conducted by L&L Holding in 2012, Foster + Partners worked with the developer to design the office tower, located on the entire blockfront between East 55^th and East 56^th Sts. The 897-ft. tower includes two 38-ft.-tall transitional floors, one of which was reserved for The Diagrid Club.

L&L Holding and Foster + Partners designed each office floor of the 670,000 s/f tower to maximize the flow of natural daylight and fresh indoor air. Built to LEED and Well Core Gold level standards, L&L Holding has also equipped the tower with the most modern and energy-efficient mechanical and ventilation systems available.

“From its grand Park Ave. streetscape to the ornamental fins that pierce the Manhattan skyline, 425 Park represents the very best that New York and the Plaza District have to offer,” said L&L chairman and chief executive officer David Levinson. “Our agreement with Ferrari is a crowning achievement for L&L Holding and all our project partners. We set out to create a tower that would appeal to the world’s most esteemed companies and brands, and that is exactly what we have accomplished.”

“Ferrari is pleased to start a new chapter in our expanding presence in New York City in such an iconic building in the heart of mid-town Manhattan,” said Matteo Torre president Ferrari North America.

“We designed 425 Park to reflect its prestigious address and in many ways the street-level experience sets the tone,” said L&L Holding executive vice president Jonathan Tootell. “Just like 425 Park, Ferrari is an icon that is both of its time and timeless. Ferrari’s emphasis on design, technology and style makes it the ideal brand to complete the tower’s prestigious tenant roster.”

Ferrari is joined at street level by Four Twenty Five, the acclaimed new restaurant operated by renowned chef and restaurateur Jean-Georges Vongerichten, which occupies the retail space directly to the north of 425 Park’s grand lobby. Multinational hedge fund and financial services company Citadel is the building’s anchor office tenant, occupying 440,000 s/f across 22 floors of the 47-story tower. It is joined by a premier office tenant roster featuring many of the world’s leading finance and investment firms.