Travelers Insurance Signs 123K-SF Renewal at 485 Lexington Avenue
By Mark Hallum December 9, 2024 11:33 am
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An insurance company isn’t exactly living up to its name as it’s staying put in its New York City offices.
The Travelers Companies, corporate parent of Travelers Insurance, signed a 10-year renewal on its 122,788-square-foot space at SL Green Realty’s 485 Lexington Avenue, where it occupies the full eighth and ninth floors and part of the seventh floor, according to the landlord.
The asking rent was $68 per square foot. Travelers has been a tenant in the building for about 15 years.
“Midtown leasing momentum continues to be broad-based as it outperforms both the five-year and 10-year averages,” Steven Durels, director of leasing and real property at SL Green, said in a statement.
Travelers handles business and personal insurance and has offices spread throughout the U.S., Canada, the United Kingdom and Ireland, including a 41,646-square-foot outpost in Diamond Bar, Calif., and a 65,214-square-foot space in Hunt Valley, Md. It’s unclear how long it’s had its 485 Lexington Avenue offices.
Brokers from JLL (JLL) represented both sides of the deal, with Robert Ageloff, Matthew Astrachan and Kate Roush handling the negotiations for Travelers while Paul Glickman, Alexander Chudnoff, Diana Biasotti, Christine Colley and Kristen Morgan brokered it for SL Green.
JLL did not immediately respond to a request for comment.
Other tenants in the building include RSC Insurance Brokerage with 27,964 square feet and engineering consulting firm Exponent with 14,383 square feet, both of which signed deals in April.
Mark Hallum can be reached at mhallum@commercialobserver.com.
