JLL arranges $352M refinancing for 425 Lexington Avenue in Midtown Manhattan

JLL arranges $352M refinancing for 425 Lexington Avenue in Midtown Manhattan

The refinancing underscores the strength of the New York City office market and the liquidity in the debt markets for well-located Class A office buildings

NEW YORK, July 9, 2026 /PRNewswire/ -- JLL's Capital Markets group announced today that it has arranged a $352 million refinancing for 425 Lexington Avenue, a 31-story, 750,000-square-foot Class A office tower in Midtown Manhattan.

JLL worked on behalf of the borrower, Vanbarton Group, LLC, 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 Avenue is a LEED Gold-certified, top tier office tower that serves as the global headquarters location for long-time 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 Lexington Ave. between 43^rd and 44^th Streets directly across from Manhattan's Grand Central Terminal. 425 Lexington Avenue benefits from its location in the Grand Central office submarket, which is the city's top performing market with less than a two percent vacancy rate for trophy and top tier Class A product. The submarket is a chosen location for today's most prominent multinational corporate tenants, including Blackstone, JP Morgan, Citadel and MetLife, among others.

JLL's Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Directors Christopher Peck and Drew Isaacson and Directors Christopher Pratt and Jennifer Zelko.

"As we move into the second half of 2026, New York City's office market shows exceptional strength, with high-quality space increasingly scarce," said Peck. "Premium office towers like 425 Lexington continue to attract robust financing interest from lenders driven by the building's consistently strong occupancy rates, prime location opposite the city's most heavily trafficked transit hub, and recent upgrades that include highly desirable tenant amenities."

JLL's Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL's newsroom. 

About Vanbarton Group
Vanbarton Group, founded in 1992, is a vertically integrated real estate investment and advisory Firm. The Firm manages private funds and programmatic ventures, employing diverse credit and equity investment strategies for global institutional investors. With a team strategically located throughout the U.S., Vanbarton Group maintains a comprehensive market presence and investment history, further enhancing its capabilities to source and manage assets as both an owner and lender. For more information, please visit www.VanbartonGroup.com.

About JLL
JLL (NYSE: JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of March 31, 2026. For over 200 years, clients have trusted JLL, a Fortune 500^® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

Contact: Grace Lewis, JLL PR
Phone: +1 903 520 3478
Email: grace.lewis@jll.com

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SOURCE JLL