New York Life Insurance Company has renewed and expanded its lease at the Graybar Building at 420 Lexington Avenue. The company signed a 10-year renewal and took 114,709 s/f of office space in the tower.
“We are delighted that NY Life has opted to expand at the Graybar Building,” Steven Durels, the executive Vice President and director of leasing and real property for SL Green, said in a press release.
The transaction has a provision that allows New York Life to gradually take more space in the building over the next two years, according to Durels.
With the deal, New York Life will continue to occupy its 87,944 s/f of office space that covers the building’s entire 15th floor and part of the 14th floor. The expansion space is 26,765 s/f located in the 14th floor.
The Graybar Building sits between 43rd and 44th Street near Grand Central Station. Other tenants in the property include MetroNorth Commuter Railroad Company, which expanded its occupancy to 321,185 s/f last year, and SL Green, which has its headquarters in the tower.