JLL Arranges $352M Refinancing for 425 Lexington Avenue as Vanbarton Group Secures Goldman Sachs Loan

NEW YORK, July 8, 2026 — JLL's Capital Markets group has arranged a $352 million refinancing for 425 Lexington Avenue, a 31-story, 750,000-square-foot Class A office tower in Midtown Manhattan, the firm announced. JLL worked on behalf of the borrower, Vanbarton Group, to secure the floating-rate, single-asset single-borrower (SASB) loan through Goldman Sachs, which pre-placed the financing entirely with funds and accounts managed by BlackRock.

Deal Structure and Key Parties

The transaction is structured as a floating-rate SASB refinancing totaling $352 million. JLL's Capital Markets Debt Advisory team represented Vanbarton Group, the borrower and property owner. Goldman Sachs served as the lender, with the loan pre-placed in full with BlackRock-managed funds and accounts.

JLL's team on the transaction 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."

Property Overview: 425 Lexington Avenue

425 Lexington Avenue is a LEED Gold-certified office tower that occupies a full city block on Lexington Avenue between 43rd and 44th Streets, directly across from Grand Central Terminal. The 31-story building totals approximately 750,000 square feet and is 99 percent leased at the time of the refinancing.

Law firm Simpson Thacher serves as the long-time anchor tenant and uses the property as its global headquarters location. The building's tenant roster also includes prominent multinational corporations such as Blackstone, JPMorgan, Citadel, and MetLife, according to JLL.

Vanbarton Group has invested nearly $35 million in recent capital improvements to the property. Among the upgrades is the newly delivered LX Club, a 16,700-square-foot amenity center that includes a wellness center with Technogym equipment, a sauna, a yoga studio, multiple tenant lounges, a 45-person conference facility, and a golf simulator.

Grand Central Submarket Context

The property sits within Manhattan's Grand Central office submarket, which JLL described as the city's top-performing office market. According to JLL, the submarket has less than a two percent vacancy rate for trophy and top-tier Class A product. The Grand Central area has become a preferred location for major corporate tenants, with Blackstone, JPMorgan, Citadel, and MetLife among those with a presence in the submarket. JLL framed the transaction as evidence of continued debt-market liquidity for well-located, stabilized office buildings.

About the Firms

Vanbarton Group, founded in 1992, is a vertically integrated real estate investment and advisory firm that manages private funds and programmatic ventures across credit and equity investment strategies for institutional investors.

JLL (NYSE: JLL) is a global commercial real estate services and investment management company with annual revenue of $26.1 billion and operations in over 80 countries. The firm's Capital Markets group includes more than 3,000 specialists in nearly 50 countries and provides debt advisory, investment sales, equity and fund placement, and related services.

Goldman Sachs served as the originating lender on the transaction. BlackRock managed the funds and accounts that ultimately received the pre-placed loan.