NY Life Renews and Expands Lease at 420 Lexington

NEW YORK —  SL Green Realty Corp., New York City’s largest commercial property owner, announced that New York Life Insurance Company has signed a 10-year renewal and expansion lease totaling 114,709 square feet at 420 Lexington Avenue, also known as the Graybar Building. The renewal space consists of 87,944 square feet covering the entire 15th and part of the 14th floors and the expansion space covers 26,765 square feet on part of the 14th floor.

This transaction combined with additional leasing success has resulted in over 168,000 square feet of year-to-date leasing at the Graybar Building.

“We are delighted that NY Life has opted to expand at the Graybar Building,” said Steven Durels, Executive Vice President, Director of Leasing and Real Property for SL Green, who added “the transaction involves a phased expansion taking place over the next 24 months.”

Paul Glickman and Matthew Astrachan of Jones Lang LaSalle represented New York Life, while David Kaufman acted on behalf of SL Green in-house.