Metro-North Expands Presence in Grand Central Area
Metro–North Commuter Railroad Company has expanded its presence at the Graybar Building at 420 Lexington Avenue to house the railroad’s police department.
According to a press release issued by SL Green, the Graybar Building’s owner, Metro-North inked a 20-year lease for 30,254 square feet. This increases its total occupancy at the site to 296,257 square feet. The expansion will occur on portions of the building’s fourth and sixth floors.
The police department is moving from the Metropolitan Transportation Authority’s headquarters at 347 Madison Avenue. The officers are slated move into the space in the late first quarter of 2015.
“We are delighted to once again work with Metro-North to provide state-of-the-art office space for their long-term occupancy,” said Steven Durels, SL Green’s executive vice president and director of leasing and real property, in prepared remarks.
The lease was signed on Nov. 14. Cushman & Wakefield’s Josh Kuriloff, Jodi Roberts and David Heller represented Metro-North in the transaction. Mr. Durels negotiated the terms of the lease on behalf of SL Green.
A representative for Cushman & Wakefield did not immediately respond to a request for comment.
Asking rent at the Graybar Building, located between East 43rd and East 44th Streets and built in 1927, is $62 per square foot. Earlier this year, Commercial Observer reported that SL Green signed 17 deals for more than 86,000 square feet at the Midtown East property. The availability rate at the site, which has well over one million square feet, is currently less than one percent, according to SL Green.