Zuckerman and Gronich of Grubb & Ellis complete 14,000 s/f in leases

Grubb & Ellis Companies New York office recently represented Offit Capital Advisors LLC in the firm's relocation to 485 Lexington Ave. from its current 8,500 s/f office in Park Ave. Tower. Offit Capital, a wealth management advisory firm, will occupy the entire 24th floor, a total of 14,000 s/f Grubb and Ellis' Larry Zuckerman and Dan Gronich represented Offit Capital. 485 Lexington Ave. is owned by SL Green Realty Corp., which was represented in the transaction by its vice president of Leasing, David Turino. The transaction is valued in excess of $10 million. 485 Lexington Ave. underwent a multimillion-dollar capital improvement program over the past few years. "Offit Capital Advisors sought a full floor identity, and they found one at 485 Lexington Avenue at roughly 50 percent of the renewal rate in its previous location," said Zuckerman. "With the added benefit of city views and a fully-renovated building infrastructure, 485 Lexington is an ideal home for Offit Capital." Offit Capital Advisors will move into the space at year's end.