Xerox Takes 100K S/F On Lexington Avenue
Daniel Geiger July 31, 2012, 1:36 p.m.
Xerox is taking about 100,000 square feet at 485 Lexington Avenue several sources have told The Commercial Observer.
The printer and photo-copying equipment and services company will sublease the space, the building’s entire 10th, 16th and 17th floors, from Citibank for seven years, the remainder of Citibank’s term in the over-900,000-square-foot building, which is owned by SL Green .
A Cushman & Wakefield team of leasing executives, led by Bruce Mosler and Joshua Kuriloff, handled marketing the space for Citibank.
Jones Lang LaSalle represented Xerox.
None, including a representative from Xerox, immediately returned calls seeking comment on the deal.
The availability created concern earlier this year when the space joined a number of other sublease offerings by major financial institutions and other companies in Midtown. At around that time Societe Generale put floors on the market at its new home in 245 Park Avenue, Nomura declined to lease portions of the roughly 900,000 square feet it had initially committed to at Worldwide Plaza last year and McGraw Hill put 200,000 square feet up for grabs at 2 Penn Plaza.
Sublease space has not continued to accrue dramatically in the city, but the leasing market has remained soft in Midtown and Lower Manhattan as activity been slack.