Law Firm Expands, Trade Association Renews at Graybar Building
By Rey Mashayekhi September 12, 2017 7:06 pm
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Law firm Litchfield Cavo has inked an 8,346-square-foot expansion of its offices at SL Green Realty Corp.’s 420 Lexington Avenue in Midtown East in a deal that takes the litigation defense firm’s space at the Graybar Building to more than 26,000 square feet.
Litchfield Cavo signed a 10-year renewal and expansion of its offices on the 21st floor of the 31-story, 1.5-million-square-foot building located directly adjacent to Grand Central Terminal. The deal, which commences in March 2018, will extend the law firm’s tenancy at the property through June 2028 and grow its footprint there to 26,639 square feet, according to sources with knowledge of the transaction.
Asking rent in the transaction was $65 per square foot. Michael Burlant of Cushman & Wakefield represented the tenant, while SL Green was represented in-house by Adam Weissleder.
The city’s largest commercial landlord also inked a 10,774-square-foot renewal with Entertainment Software Association that will extend the trade association’s lease at the property through November 2024. The deal will see the tenant move from its current space on the 20th floor of the Graybar Building to a new office on the 22nd floor, where it will occupy the same amount of space as it does currently, sources said.
Asking rent in the Entertainment Software Association renewal was also $65 per square foot, with the organization expected to relocate this coming January. Michael Morris of Newmark Knight Frank represented the trade association, while Weissleder worked on behalf of SL Green.
“We’re delighted that Litchfield Cavo and Entertainment Software have each elected to renew and/or expand with us,” Steven Durels, SL Green executive vice president and director of leasing and real property, said in a statement provided to CO.
Durels noted that 420 Lexington Avenue is now “approximately 98 percent leased, which speaks to the ongoing desirability of the Grand Central [Terminal] submarket”—where SL Green is currently building One Vanderbilt, its 58-story, 1.6-million-square-foot office development.
Major tenants at the Graybar Building include the Metro-North Commuter Railroad and New York Life Insurance Company, while SL Green’s own corporate headquarters is also located at the property.
