Insurance Giant Increases Commitment to 115,000 Square Feet
NEW YORK–(BUSINESS WIRE)–
SL Green Realty Corp. (NYSE:SLG), New York City’s largest commercial
property owner, today announced that New York Life Insurance Company has
signed a 10-year renewal and expansion lease totaling 114,709 square
feet at 420 Lexington Avenue, also known as the Graybar Building. The
renewal space consists of 87,944 square feet covering the entire 15th
and part of the 14th floors and the expansion space covers 26,765 square
feet on part of the 14th floor.
This transaction combined with additional leasing success has resulted
in over 168,000 square feet of year-to-date leasing at the Graybar
“We are delighted that NY Life has opted to expand at the Graybar
Building,” said Steven Durels, Executive Vice President, Director of
Leasing and Real Property for SL Green, who added “the transaction
involves a phased expansion taking place over the next 24 months.”
Paul Glickman and Matthew Astrachan of Jones Lang LaSalle represented
New York Life, while David Kaufman acted on behalf of SL Green in-house.
About SL Green Realty Corp.
SL Green Realty Corp., an S&P 500 company and New York City’s largest
office landlord, is a fully integrated real estate investment trust, or
REIT, that is focused primarily on acquiring, managing and maximizing
value of Manhattan commercial properties. As of March 31, 2016, the
Company held interests in 121 Manhattan buildings totaling 47.7 million
square feet. This included ownership interests in 29.9 million square
feet of commercial buildings and debt and preferred equity investments
secured by 17.8 million square feet of buildings. In addition, the
Company held ownership interests in 31 suburban buildings totaling 4.9
million square feet in Brooklyn, Long Island, Westchester County,
Connecticut and New Jersey.
Steven Durels, Exec VP,
Director of Leasing and Real Property
Green Realty Corp.
Source: SL Green Realty Corp.
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