Insurance Brokerage RSC Takes 28K SF at 485 Lexington Avenue
By Mark Hallum April 1, 2024 12:44 pm
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SL Green Realty saw space at 485 Lexington Avenue lease up during the first quarter of 2024, assigning 64,303 square feet to tenants.
RSC Insurance Brokerage was the largest of five deals in the Midtown East building, taking 27,964 square feet on the entire 17th floor with a term of 10 years, according to SL Green.
The insurance company has had a 24,515-square-foot New York City presence at SL Green’s 750 Third Avenue since 2020. It’s unclear if the brokerage is relocating from that space or opening a second office.
SL Green did not disclose the asking rent in the building, but average asking rent in Midtown East was $83.60 in the first quarter of 2024, according to a report from Avison Young. The deal was first reported by the New York Post.
Paul Glickman, Diana Biasotti, Benjamin Bass, Kristen Morgan and Kip Orban of JLL (JLL) represented SL Green in all five deals while Michael Gottlieb at Avison Young negotiated on behalf of RSC Insurance Brokerage. Spokespeople for JLL and Avison Young did not immediately respond to a request for comment.
Exponent, an engineering consulting firm, signed a seven-year, 14,383-square-foot lease on the 22nd floor of the building between East 46th and East 47th streets with plans to relocate from 420 Lexington Avenue, according to SL Green.
Peter Trivelas at Cushman & Wakefield (CWK) represented Exponent in the deal but did not immediately respond to a request for comment.
Digital media firm Tegna, renewed its 14,078-square-foot office on the 27th floor for six years, but it’s not clear when it originally moved in. Brad Auerbach of CBRE represented Tegna and did not immediately respond to a request for comment.
Smaller leases for SL Green in the building during the first quarter included capital markets advisory firm William O’Neil & Company relocating to 4,797 square feet from 140 East 45th Street, also known as 2 Grand Central Tower, with a five-year lease and Graham Holdings Company taking 3,006 square feet for a term of three years, according to the Post.
Mark Hallum can be reached at mhallum@commercialobserver.com.
