Konica Minolta trades Graybar for new digs at 485 Lexington

Real Estate Weekly, August 1, 2007

SL Green Realty Corp. announced that Konica Minolta Business Solutions, Inc, has traded in its offices at SL Green's 420 Lexington Avenue "the Graybar Building" for the entire 19th floor at 485 Lexington Avenue to accommodate its expanding business needs.

Konica Minolta signed a new 13-year lease for 26,400 s/f within Grand Central Square's 485 Lexington Avenue.

"We pride ourselves on working with our tenants to provide the best possible solutions to their business needs. Consistent with that, we were able to provide Konica Minolta with expansion space in a high profile building and simultaneously recapture their existing lease, which had several years of remaining term," commented Steven Durels, executive vice president and Director of Leasing and Real Property for SL Green.

Located on Lexington Avenue between 46th and 47th Streets just steps from Grand Central Terminal, 485 Lexington is a 32-story building containing 926,122 s/f. The recent redevelopment of the property by SL Green included replacement of 4,000 windows, enhanced electric and HVAC capacities.

Frank Coco of Cushman & Wakefield, Inc. represented the tenant and Paul Glickman, Mitti Liebersohn, Diana Biasotti, Tara Stacom, Alexander Chudnoff and Steven Bauer of Cushman & Wakefield, Inc. represented the landlord in this transaction.