Metro-North Expands to 353,033 SF at the Graybar Building
The Metropolitan Transit Authority subsidiary adds an additional 17,756 square feet in a 15-year lease with SL Green.
NEW YORK CITY—Public transportation is getting a boost in Midtown East, off Grand Central Terminal. SL Green has signed a 15-year lease with Metro-North Commuter Railroad for a 17,756 square-foot expansion at the Graybar Building, located at 420 Lexington Ave. The agreement increases the Metropolitan Transit Authority subsidiary’s footprint in the building to a total of 353,033 square feet.
The asking price was $65 per square foot, according to a source with knowledge of the deal.
“We’re delighted to expand our relationship with Metro North” says Steven Durels, EVP, director of leasing and real property for SL Green. “Graybar’s convenient location and abundant neighborhood amenities appeal to tenants resulting in building occupancy which is consistently 95% or greater.”
Cushman & Wakefield’s Josh Kuriloff and Jodi Roberts represented Metro-North.
The 31-story, 1.5 million square-foot Graybar Building is located directly above Grand Central Terminal at Lexington Ave. and 43rd St. The distinctive, landmarked, Art Deco office tower designed by architects Sloan and Robertson was built in 1927.