Future Escalations on Lexington
SL Green locked in future rent increases at the Graybar Building by signing an investment firm for a renewal and expansion deal. The new expansion space, 4,208 square feet, will have starting rent in the high-$50s per square foot, which is in line with what the company is paying currently and will escalate to over $60 during the term of the lease. The renewal, which will commence in 2017, will have starting rent in the mid-$60s per square foot. The firm's total space in the building, located at 420 Lexington Avenue, will be 11,665 square feet on the 20th floor.