St. Paul Travelers will be located in the base Grand Central Square starting in February, while Fairchild has leased the entire second floor for 15 years starting at the same time. The Fairchild lease represents an expansion of their existing space at the adjacent 750 Third Ave. Within the complex, Fairchild occupies 327,111 sf. Drake Beam Morin has leased an entire tower floor—11,465 sf--for 10 years at the site. And Polo Ralph Lauren has expanded at 625 Madison Ave. by 48,207 sf. The firm leased the entire sixth and part of the third floors for a total occupancy of 234,207 sf.
"Absorption in Midtown Manhattan continues to be very strong - the area is a magnet for tenants relocating from elsewhere and for those already here who are looking to expand," says Marc Holliday, president and chief executive officer of SL Green. SLG Leasing LLC and Cushman & Wakefield, Inc. jointly serve as the leasing agent at Grand Central Square. The Staubach Co. represented St. Paul's Travelers and Drake Beam Morin, while CB Richard Ellis represented Fairchild. In the Polo deal, SLG Leasing and Cushman represented the owner, while Studley represented the tenant.
While additional lease details were not revealed, space in 485 Lexington is advertised from $57 to $60 per sf. On the tenant roster are Citibank NA and TIAA-CREF. Other tenants at 750 Third include Teachers Insurance and Colonial Consulting. Wachovia and Neiman Marcus also occupy office space at 625 Madison.
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