Talent Consulting Firm Vaco Takes 6K SF at Graybar Building
Vaco will exit SL Green’s 750 Lexington Avenue ahead of residential conversion
By Abigail Nehring December 18, 2023 6:01 pm
reprints
Executive recruiting firm Vaco has a new address at the landmarked Graybar Building directly above Grand Central Terminal, but will still make a rent check out to SL Green (SLG) Realty.
The headhunting and business consulting firm signed a 10-year lease for 6,606 square feet on the 16th floor of the Midtown office building at 420 Lexington Avenue, landlord SL Green announced.
The asking rent was $65 per square foot, a spokesperson for SL Green said.
Vaco was founded in 2002 and is headquartered in Brentwood, Tenn. It has more than three dozen outposts across the United States, including a New York office on the 23rd floor of 750 Third Avenue, according to its website.
SL Green plans to convert that building to apartments, Crain’s New York Business reported earlier this month.
Vaco currently leases 8,572 square feet at the Third Avenue building, according to the SL Green spokesperson. It will downsize its New York footprint by 23 percent with the move to the Graybar Building.
A spokesperson for Vaco did not immediately respond to a request for comment.
SL Green’s Steven Durels said in a statement the deal with Vaco is proof that “Graybar continues to attract tenants of all sizes,” citing its amenities and access to public transportation as part of the appeal.
Cushman & Wakefield (CWK)’s Harry Blair, Tara Stacom, Bianca Di Mauro and Caroline Collins brokered the deal for SL Green, while Vaco was represented by Greg Taubin and Brian Scharfman of Savills.
Tuabin, Scharfman and a spokesperson for C&W did not immediately respond to requests for comment.
The largest tenant in the Graybar Building is the offices of the Metro-North Railroad, with a total footprint of 353,033 square feet, as CO previously reported. Other occupiers include insurance agency New York Life and law firms Wingate, Russotti, Shapiro, Moses & Halperin and Greenberg Traurig.
Abigail Nehring can be reached at anehring@commercialobserver.com.
