Graybar Building Home to Graybar, Again
By Sara Pepitone June 16, 2015 4:09 pm
reprints
Founded in 1869 as Gray and Barton, Graybar, a distributor of high-quality components, electrical supplies, communications and data products, and other equipment, was one of the initial tenants at 420 Lexington Avenue. And now it’s announced its homecoming to the building that shares its name, as reported by The New York Post.
According to a prepared statement, the Graybar Building was the world’s largest office building in terms of square feet of office space when it opened in 1927. It was renovated in 1999 by owner SL Green (SLG) Realty.
The namesake company vacated the building in 1982, moving its headquarters to St. Louis (the corporate logo remained above the door). Today the Fortune 500 company has more than 250 office locations.
A lease for 2,773 square feet on the 25th floor was signed, according to the Post. According to SL Green the asking rent was $65 per square foot. The company opened its new office in February. Investing in new locations and salesforce expansion are part of the strategy, according to Graybar’s March 2015 first-quarter report.
SL Green Leasing Associate Christine Lamastra represented the landlord. A spokesperson for Ms. Lamastra declined a request for comment. BIOC Commercial Real Estate’s Jonathan Stravitz represented Graybar. “Only in New York City can you lease 2,773 square feet and receive full building signage on an iconic tower,” said Mr. Stravitz. “This lease signified the return of Graybar to Graybar.”
