Metro-North Expands to 321K SF at Graybar Building
By Terence Cullen August 25, 2015 11:53 am
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Metro–North Commuter Railroad Company is growing at SL Green (SLG) Realty Corp.’s Graybar Building.
The commuter rail line has inked a 19-year expansion for another 24,928 square feet at 420 Lexington Avenue between East 43rd and East 44th Streets, according to the landlord. With the new lease, Metro North now leases 321,185 square feet of office space at the building, which sits next to the line’s main hub at Grand Central Terminal. The asking rent was $65 per square foot.
It brings the 1.5-million-square-foot building up to 98 percent occupancy, according to SL Green’s Steven Durels, the head of leasing and real property. “Metro North has been a tenant at the Graybar Building for over 20 years and we are delighted to once again accommodate their ongoing expansion,” Mr. Durels said in prepared remarks. SL Green was represented in-house.
Josh Kuriloff and Jodi Roberts of Cushman & Wakefield represented Metro North in the expansion, according to The New York Post, which first reported news of the deal. A C&W spokeswoman did not immediately return CO’s call for comment.
Electrical and communications product distributor Graybar, the building’s former anchor tenant and namesake, announced earlier this year that it returned to the building with a 2,773-square-foot lease on the 25th floor—returning 33 years after leaving the Graybar Building. The company, now based in St. Louis, Mo. opened the new office in February. The asking rent in that deal was $65 per square foot.
