NY Weekly Comp Digest: 5/15/14

Every week, we compile a digest of some recent deals from the CompStak database. We hope you will find the information helpful.

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.

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Expanding on Sixth

An insurance group expanded at 1133 Avenue of the Americas by adding 22,915 square feet on the 34th floor to its existing 115,158 square feet in the building. The expansion space will cost starting rent in the mid-$70s per square foot, which is about 10% above the company's renewal from two years ago but in line with an investment firm's recent lease on the 30th floor. The lease was a major expansion for the company in the building, as it tripled the company's space by adding over 11,000 square feet.

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Startup Trades Space

A few months after receiving $20 million in Series B funding, a financial startup has signed a lease for 13,121 square feet on the entire 17th floor of 386 Park Avenue South. A California-based company, will almost triple its NYC space, moving from its 5,000 square foot space in the nearby 12 West 27th Street. The bigger space will also demand higher rents, with starting rent in the low-$60s per square foot, compared with the sublease rent of low-$30s the company is currently paying in a deal that was signed in early 2013. Recent activity at 386 Park Avenue South includes the leasing of the 15th floor by an advertising and marketing firm, as we previously reported.

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