The Foster + Partners 425 Park Avenue has begun its vertical rise as construction teams have completed restructuring the base floors of the site's original structure. When completed, 425 Park Avenue will rise 41-stories, 893', and is being developed by L&L Holding Company, who had to preserve the site's original lower floors in order to maintain the site's Floor Area Ratio (FAR). The total development of the new tower will be the same as the old tower, 670,000 SF. 425 Park is the first full-block office development on Manhattan's Park Avenue in nearly 50 years.Citadel, one of the world's longest running and largest hedge fund with over $149 billion of assets under management led by Ken Griffen, will take 200,000 SF as the anchor tenant. Completion is expected in late 2018.
