New York’s Park Avenue is on track to see something it hasn’t seen in three decades: a major new office tower.
Developer L&L Holding Co. and its partners on Tuesday secured $556 million from MassMutual Financial Group to fund development of the 897-foot office tower at 425 Park Ave.
Taken with other funding from Japanese investor Tokyu Land Corp., the deal gives the developer the cash it needs to push ahead with the 670,000-square foot-tower in a display of the gradually improving appetite for office construction around the U.S.