Lease Beat

Xerox Takes Additional 14,000 SF at 485 Lexington

New York-based management consulting firm Novantas LLC has subleased 14,000 square feet to Xerox Corporation at 485 Lexington Avenue, sources said.

Novantas subleased the entire 22nd floor to the printer and photo-copying equipment company, which already occupies substantial subleased square footage in the building after signing a lease with Citibank there last summer.

“As part of our ongoing representation of Novantas as its real estate service provider, our execution of a sublease with Xerox represents a successful transaction for both parties,” said Jonathan Serko from Cushman & Wakefield, who represented Novantas in the transaction with Andrew Ross and Richard Serko, in a statement.  “We continue to see activity with our clients in many sectors including financial, media, tech, and health care to name a few.”

485 Lexington Avenue (Credit: SL Green)

485 Lexington Avenue (Credit: SL Green)

The C&W brokers were not available for additional comment, while Doug Neye and Matt Astrachan of Jones Lang LaSalle, who represented Xerox, did not return calls seeking comment in time for publication.

The 32-story, 900,000-square-foot Midtown Manhattan class A office building at 485 Lexington Avenue is located in the Grand Central submarket and was built in 1956 just blocks from Grand Central Terminal and major subway lines.

Xerox reportedly signed a seven-year sublease for the building’s entire 10th, 16th and 17th floors from Citibank in July of last year, which represented the remainder of Citibank’s term in the SL Green building.

The Citibank availability caused a stir last year as a number of sublease offerings by major financial institutions hit the market and finance softened its grip across Manhattan.

The building, also known as Grand Central Square, recently completed a major capital improvement program including a new lobby, entryway, windows, elevators, corridors and facade.

Advance Magazine Publishers and Travelers Insurance are among the other tenants in the building.

 

 

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