Life insurance company signs long-term lease for 114,709 square feet at Class A, 1.24 million-square-foot building; expands occupancy by 26,765 square feet
JLL has completed a lease renewal and expansion for New York Life Insurance Co. at 420 Lexington Avenue, also known as The Graybar building, with SL Green Realty Corp. The life insurance company signed a lease for 114,709 square feet of space, expanding its occupancy by 26,765 square feet, at the Class A, 1.24 million-square-foot office building.
New York Life was represented by Matthew Astrachan and Paul N. Glickman, vice chairmen, with JLL. Building owner SL Green was represented in-house by David Kaufman, senior vice president.
“New York Life has been a growing tenant at 420 Lexington Avenue for many years,”said Astrachan. “We worked closely with SL Green to pave the way for contiguous expansion space for the life insurance company, along with significant infrastructure upgrades.”
New York Life signed a long-term lease for 114,709 square feet of office space and will eventually occupy 31,347 square feet on the 14th floor and 56,597 square feet on the 15th floor at 420 Lexington Avenue, which is located between East 43rd Street and East 44th Street directly across from Grand Central Terminal. The life insurance company will also now occupy the remaining 26,765 square feet on the building’s 14th floor.
“New York Life preferred to expand its tenancy at the building rather than seeking additional office space elsewhere in the city,” said Glickman. “The company will continue to enjoy the benefits of The Graybar Building’s history, stellar location and high-end amenities.”
The 30-story 420 Lexington Avenue was designed in the Art Deco style by Sloan & Robinson, with construction completed in 1927. The building is named after Graybar Electric, one of the building’s original tenants. The office property underwent a comprehensive renovation in 2000, and now features a renovated lobby and elevator cabs, new elevator mechanical systems, new public corridors and bathrooms, new operable windows, and tenant-controlled heating, ventilation and air conditioning.
The building is Energy Star rated, Wired Certified Silver by WiredScore and has also met U.S. Green Building Council standards for Leadership in Energy and Environmental Design Gold Certification for Existing Buildings: Operation & Maintenance.
JLL is a leader in the New York tri-state commercial real estate market, with more than 2,300 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services. In 2015, the New York tri-state team completed approximately 32.6 million square feet of lease transactions; arranged investment sales, notes, debt and equity transactions valued at more than $8.2 billion; managed projects valued at $7.8 billion; and oversaw a property management, facilities management and agency leasing portfolio exceeding 141 million square feet.
About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $58.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
