485 Lexington Ave.
NEW YORK CITY—Fidelity National Insurance Company has renewed its lease at 485 Lexington Ave. for 10 years, with SL Green. The tenant is occupying the entire 18th floor, spanning 27,996 square feet. A person with knowledge of the transaction tells GlobeSt.com that Fidelity has been in the building for the past six years and that the asking rent was $72 per square foot.
Steve Durels, EVP and director of leasing and real property at SL Green, underscores the benefits of the skycraper's Midtown East location between E. 46th and E. 47th streets, with its proximity to Grand Central Terminal in the central business district. The 32-story, 929,765 square-foot building also has a 100-car parking garage.
In July 2004, SL Green, in a joint venture with the Witkoff Group, Morgan Stanley and Fisher Brothers bought the office tower that was originally built in 1956 for $225 million, according to Real Capital Analytics. The database indicates that SL Green bought out its partners in December 2006 for $578 million.
Fidelity National is one of the largest real estate title insurance companies in the country. Other tenants at 485 Lexington Ave. include Travelers Insurance, Offit Capital Advisors and the law firm Phillips Nizer. The retailers Pret A Manger, Gregory's Coffee, Dr. Smood, Soul Cycle and Bright Horizons have also opened shop in the building.
CBRE's Joseph Fabrizi and Arkady Smolyansky represented Fidelity National. David Kaufman and Natasha Brown provided in-house representation for SL Green.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
