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420 Lexington Avenue

Vaco Secures 10-Year Lease For Office Space At 420 Lexington Avenue In Midtown Manhattan
LEASEDOffice

Vaco Secures 10-Year Lease For Office Space At 420 Lexington Avenue In Midtown Manhattan

420 Lexington Avenue

$65

$65/SF

Building Size

6,606 SF

Asset Type

Office

Closing

Dec 18, 2023

AI

Vaco, the talent consulting firm, has secured a 10-year lease for 6,606 square feet on the 16th floor of the Graybar Building at 420 Lexington Avenue in Midtown Manhattan. The asking rent for the space was $65 per square foot. The lease will provide Vaco with a new office location as they relocate from SL Green's 750 Lexington Avenue ahead of its residential conversion.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: Not applicable
  • Address: 420 Lexington Avenue, Midtown Manhattan
  • Square Footage: 6,606

The landlord for the property is Steven Durels, representing SL Green Realty. The tenant, Vaco, was represented by Brian Waller. The lease transaction was facilitated by Bianca DiMauro, Caroline Collins, Tara Stacom, and Harry Blair of Cushman & Wakefield, who acted as the landlord's representatives. Brian Scharfman and Greg Taubin of Savills served as the tenant's representatives in the deal.

Players

Tara Stacom

Cushman & Wakefield

Broker

17 deals

Broker
SL Green
SL GreenLandlord

Brian Waller

Vaco

Tenant

2 deals

Tenant

Brooklyn Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

244046.15%

Cash-on-Cash

-69749.14%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93