NY Life signs property renewal, plans expansion

NEW YORK CITY — New York Life Insurance Co. 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 at the building — which is owned by SL Green Realty Corp., the city’s largest commercial property owner — 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.

Paul Glickman and Matthew Astrachan of JLL represented New York Life while SL Green was represented in-house by David Kaufman. The transaction, combined with additional agreements, has resulted in over 168,000 square feet of year-to-date leasing at the property.

“We are delighted that NY Life has opted to expand at the Graybar Building,” says Steven Durels, EVP, director of leasing and real property for SL Green. “The transaction involves a phased expansion taking place over the next 24 months.”

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