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SL Green snaps up leasehold positions at Graybar Building

Graybar Building (Source: PropertyShark.com)

SL Green Realty has purchased another leasehold position at the Graybar Building, the 31-story office and retail tower above Grand Central Terminal at 420 Lexington Avenue. The $7.6 million transaction is the second of its kind in recent months. SL Green, which handles both management and leasing at the building, purchased W&M Properties' leasehold position in August, also for $7.6 million, and in September began to alter the building's ground-floor leases in order to simplify the ownership structure. SL Green's mortgage on the Graybar Building was originally due next year, but it refinanced the loan. Cushman & Wakefield Sonnenblick Goldman advised the company on the acquisition. TRD