Photocopy Giant Xerox Signs New Lease at 485 Lexington Avenue
By Liam La Guerre January 27, 2017 4:45 pm
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Connecticut-based Xerox has signed a 26,714-square-foot lease at 485 Lexington Avenue, according to landlord SL Green Realty Corp.
The tech services company will move into a portion on the 25th floor of the 32-story tower. The deal is for five years and the asking rent was $72 per square foot, an SL Green (SLG) spokeswoman told Commercial Observer. Xerox will exit its sublease on May 1 with Citibank on the 17th floor in the building, which is located between East 46th and East 47th Streets.
Robert Stillman and Conor Denihan of CBRE represented Xerox in the transaction, while David Kaufman negotiated in-house on behalf of SL Green. A spokeswoman for the CBRE brokers declined to comment.
Current tenants at the 32-story, 930,369-square-foot building include Travelers, Novantas, KPS Capital Partnership and Leading Hotels of the World.
On Jan. 3, Xerox spun off Conduent, which is a business process services company. Conduent, which is headquartered in New Jersey, signed a 12,507-square-foot lease for its New York offices at SL Green’s 420 Lexington Avenue, as CO reported earlier today.
“We are delighted to be able to accommodate Xerox’s and Conduent’s growth,” SL Green’s Steven Durels said in a prepared statement. “Our portfolio of Grand Central [Terminal] buildings provides unmatched flexibility to accommodate our tenant space needs.”
