SL Green Lures Title Insurance Firm to 110 East 42nd Street
By Rey Mashayekhi May 9, 2017 11:48 am
reprints
First American Title Insurance Company has agreed to take just under 18,000 square feet of office space at SL Green Realty Corp.’s 110 East 42nd Street in Midtown, Commercial Observer has learned.
The title insurance provider signed a 10-year lease for 17,984 square feet, or the entire 10th floor, at the 18-story, 205,000-square-foot property located between Park and Lexington Avenues, directly across from Grand Central Terminal.
Asking rent in the deal was $65 per square foot, according to sources with knowledge of the transaction. First American Title Insurance will move to the new space from its current offices at Blackstone Group’s 44 Wall Street in the Financial District—where the company’s more than 17,000-square-foot lease, signed in 2012, is due to expire this summer, according to CoStar Group data.
Robin Fisher and Christie Bennett of Newmark Grubb Knight Frank represented the tenant in the transaction, while Howard Tenenbaum and Gary Rosen represented SL Green in-house.
Steven Durels, SL Green’s executive vice president and director of leasing and real property, said in a statement that the deal with First American Title Insurance is indicative of how “leasing activity in the Grand Central submarket remains extremely active.” SL Green, New York City’s’s largest office landlord, is currently constructing the new 58-story, 1.7 million-square-foot One Vanderbilt office tower adjacent to Grand Central Terminal.
A NGKF spokesperson did not immediately provide comment on the matter.
The landmarked 110 East 42nd Street also houses Cipriani 42nd Street, the luxury restaurant and event space, which according to CoStar occupies nearly 68,000 square feet across the first five floors.
