Metro-North Ups Presence in Graybar Building by 18K SF
By Nicholas Rizzi January 3, 2019 12:31 pm
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Metro-North Commuter Railroad will expand its offices in the Graybar Building by 17,756 square feet, Commercial Observer has learned.
The commuter train line inked a 15-year deal at SL Green Realty Corp.’s 420 Lexington Avenue between East 43rd and East 45th Streets, bringing Metro-North’s total footprint in the building to 353,033 square feet, a spokesman for the landlord said.
Metro-North will take over the ninth-floor, currently occupied by real estate investment firm the Vanbarton Group, in the new deal and plans to move in the second-quarter of 2020, a source with knowledge of the deal said. Asking rent was $65 per square foot, according to the source.
Josh Kuriloff and Jodi Roberts of Cushman & Wakefield (CWK) represented Metro-North in the deal while SL Green (SLG) handled it in-house. A spokesman for C&W did not immediately provide a comment.
“We’re delighted to expand our relationship with Metro-North” Steven Durels, SL Green’s leasing director, said in a statement. “Graybar’s convenient location and abundant neighborhood amenities appeal to tenants resulting in building occupancy which is consistently 95 percent or greater.”
Metro-North first moved into the 31-story building, located above Grand Central where Metro-North runs several train lines, in 1994 and currently occupies the second through seventh floors along with the 10th, 11th, 12th and 22nd floors, the source said. It last expanded in the building in 2014 when it took 30,254 square feet, as CO previously reported.
Other tenants in the 1.5-million-square-foot tower include New York Life Insurance, Equinox and SL Green’s corporate headquarters.
