Title Insurance Firm Renews Full-Floor Lease at 485 Lex
The title insurance firm inked a 10-year lease to keep its New York City offices at the 32-story, 930,000-square-foot building between East 46th and East 47th Streets, representatives for SL Green (SLG) confirmed. The deal will see Fidelity maintain its 27,996-square-foot footprint spanning the entire 18th floor, which it has occupied since 2012.
Asking rent in the deal was $72 per square foot, according to sources with knowledge of the transaction. Joseph Fabrizi and Arkady Smolyansky of CBRE (CBRE) represented the tenant in the transaction, while David Kaufman and Natasha Brown represented the landlord in-house.
“We’re delighted that Fidelity National will continue its long-term occupancy with us,” Steven Durels, SL Green’s executive vice president and director of leasing and real property, said in a statement. Durels noted the property’s “ideal proximity to Grand Central Terminal,” as well as “an ever-expanding choice of nearby fine dining, upscale shopping, luxury hotels and private clubs” in Midtown East.
Representatives for CBRE did not return a request for comment.
Business consultancy Ankura Consulting Group recently expanded its office footprint at 485 Lexington Avenue to nearly 60,000 square feet, as CO first reported last month, while law firm Phillips Nizer agreed to grow its space at the building to more than 53,000 square feet earlier this year.
Other tenants at the property include insurance firm The Travelers Companies and investment management firm Offit Capital Advisors.