The Graybar Building at 420 Lexington Ave.
NEW YORK CITY—Public transportation is getting a boost in Midtown East, off Grand Central Terminal. SL Green has signed a 15-year lease with Metro-North Commuter Railroad for a 17,756 square-foot expansion at the Graybar Building, located at 420 Lexington Ave. The agreement increases the Metropolitan Transit Authority subsidiary's footprint in the building to a total of 353,033 square feet.
The asking price was $65 per square foot, according to a source with knowledge of the deal.
“We're delighted to expand our relationship with Metro North” says Steven Durels, EVP, director of leasing and real property for SL Green. “Graybar's convenient location and abundant neighborhood amenities appeal to tenants resulting in building occupancy which is consistently 95% or greater.”
Cushman & Wakefield's Josh Kuriloff and Jodi Roberts represented Metro-North.
The 31-story, 1.5 million square-foot Graybar Building is located directly above Grand Central Terminal at Lexington Ave. and 43rd St. The distinctive, landmarked, Art Deco office tower designed by architects Sloan and Robertson was built in 1927.
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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.
