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Acquisitions

Vanbarton buys 425 Lexington Avenue

Simpson Thacher is the anchor tenant

425 Lexington Avenue (Credit: Hines)

The Vanbarton Group has closed on its acquisition of 425 Lexington Avenue from a client of JP Morgan Asset Management for $700 million, according to the NYPost. The Midtown office tower spans 749,000 square feet, and sits between East 44th and East 45th Streets.

Dig Deeper: Simpson Thacher leases 560,000 square feet of office space with a contract that runs through 2033. CIBC also occupies 138,000 square feet until 2024. Additionally, there is approximately 15,000 square feet of street-level retail space that includes a Bank of America and a Pret A Manger.

Worth Noting: There are two vacant floors with an asking rent in the mid-$80’s per SF… The surrounding Grand Central submarket has 45.9 million SF of office space that is 87.1 percent occupied.

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