The 10-year deal, which brings the tenant from Green's 100 Park Ave., is one of three newly minted leases that hike occupancy at 485 Lex to 83%. Steve Durels, Green's executive VP, drove the lease home. Jonathan Serko and Mitchell Barnett of Cushman & Wakefield Inc. spoke for the tenant.
The REIT acquired the property in mid-2004 in a JV with the City Investment Fund and rebranded the asset, along with neighboring Green possession 750 Third Ave., as Grand Central Square. It was one of three purchases that year totaling $778.5 million, according to its Q4 '04 performance statement. The other two properties were 750 Third Ave. and leasehold interests in 625 Madison Ave.
The rebranding came in tandem with a $20-million capital-improvement program that resulted in new mechanicals and windows and an upgraded lobby. The three new leases, says Durels, is a direct result of the asset's location and that upgrade program.
Rounding out the trio of lease deals is Global Realty Outsourcing's 10-year deal for 13,827 feet and a 13,703-sf lease with Gregory P. Joseph Law Offices Inc. M. Myers Mermel of Tenant Wise spoke for the law firm, which also took a 10-year stay.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
