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
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