Vanbarton Gets Refi for 425 Lexington Avenue Office Tower

JLL’s Capital Markets group recently announced a refinancing arrangement on behalf of Vanbarton Group, LLC — a $352 million loan is a floating rate, single-asset single-borrower (SASB) refinancing through Goldman Sachs for the office property at 425 Lexington Ave.

The JLL 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.

Underscoring the strength of the New York City office market, this deal is also a reminder that well-located, class A and above office assets are not struggling. Rising 31 stories in the Plaza District skyline, the property incorporates more than 686,000 square feet of class A+ rentable Manhattan office space that is certified LEED Gold.

The top-tier office tower is home to the global headquarters location for long-time anchor tenant Simpson Thacher and is 99% leased. Institutionally managed, the property has recently undergone renovation work totaling a nearly $35 million investment. The star attraction among recently delivered property updates is the LX Club — a 16,700-square-foot, state-of-the-art amenity center that includes multiple tenant lounges, a sauna and a yoga studio, a wellness center with Technogym equipment, a 45-person conference facility, and a golf simulator.

Occupying a full city block on Lexington Ave. between 43^rd and 44^th Streets, the office tower is located directly across the street from Manhattan’s Grand Central Terminal and is situated in the city’s top performing submarket — the chosen location for some of the most prominent multinational corporate tenants of today, such as Blackstone, JP Morgan, Citadel, and MetLife, the Grand Central/Plaza District office submarket is home to an abundance of top tier Class A office space and reportedly boasts a vacancy rate below two percent.

“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.”

Midtown Manhattan office space at 425 Lexington Avenue.