Graybar, a St. Louis-based Fortune 500 company that specializes in supply chain management services, has opened a sales office at 420 Lexington (aka the Graybar Building), triumphantly marking a historic return to the building which bears its name and served as Graybar’s corporate headquarters from 1926 to 1982.
Adjacent and attached to Grand Central Terminal, Graybar’s 2,773-square-foot Manhattan sales office is located on a portion of the 25th floor of the 1.243 million-square-foot tower, once the world’s largest office building.
“We are delighted to welcome back Graybar to 420 Lexington Avenue,” said Steven Durels, SL Green executive vice president and director of leasing and real property, who noted that the 30-story building has carried the Graybar name since its construction.
“Returning to the Graybar Building at 420 Lexington Avenue is a special homecoming for our company,” said Kathleen M. Mazzarella, chairman, president and CEO of Graybar. “This building is an iconic piece of the New York City landscape and an important part of Graybar’s history. We are delighted to once again serve our customers and grow our business from this historic location.”
Albert Salt, Graybar’s first president, is credited with arranging for the building to be named Graybar. Salt was friendly with James Todd, a partner in the real estate firm Todd, Robertson & Todd, the building’s developer, whose policy was not to promote itself, but rather its tenants. In 1926, Graybar signed a 19-year lease for a portion of only one floor, but it also bought some of the bonds that were being sold to finance the building. In return, Todd Robertson agreed to name the building Graybar.
Jonathan Stravitz of BIOC Commercial Real Estate represented Gray bar in the transaction, while Christine Lamastra acted on behalf of landlord SL Green. To commemorate the opening of its New York sales office, a ribbon cutting event will be held in its new office space on June 16th.
Image courtesy of SL Green