First American Title Insurance Company signed a lease for roughly 18,000 square feet at SL Green Realty’s 110 East 42nd Street.
The firm, one of the “four families” that controls nearly 90 percent of the title insurance market, signed a 10-year lease for the entire 10th floor at the 18-story building, located between Park and Lexington avenues, the Commercial Observer reported.
The asking rent in the deal was $65 per square foot. First American will relocate from its current office at Blackstone group’s 44 Wall Street in the Financial District, according to the newspaper.
Newmark Grubb Knight Frank’s Robin Fisher and Christie Bennett represented First American in the deal, and Howard Tenenbaum and Gary Rosen negotiated in-house for SL Green.
The Landmarked 110 East 42nd Street, located across the street from Grand Central Terminal, is also home to the luxury restaurant and event space Cipriani 42nd Street.
The building is also nearby the company’s planned One Vanderbilt, the $3.2 billion office development in which SL Green executives Marc Holliday and Andrew Mathias agreed to personally buy equity stakes amid rising skepticism over the fate of the project.
Last year, The Real Deal took an in-depth look at the title insurance industry, which pulled in $12.2 billion operating income in 2014. [CO] – Rich Bockmann
(To view more of SL Green’s office leasing transactions, click here)