Corpay Cross-Border Signs 11-Year Lease at Rudin’s 560 Lexington Avenue

Corpay Cross-Border Signs 11-Year Lease at Rudin’s 560 Lexington Avenue

Corpay Cross-Border Solutions has committed to a new headquarters location, signing an 11-year lease for approximately 17,778 square feet at 560 Lexington Avenue. The tenant, a unit of corporate payments firm Corpay, will relocate from 300 Park Avenue, a property managed by Tishman Speyer. The new space encompasses the entire 17th floor of the Plaza District tower.

The deal involves a prebuilt office space that allowed the tenant to secure the location with an accelerated timeline. Kevin Daly, vice president of office leasing for the landlord, noted that recent capital improvements in the building facilitated the agreement by minimizing the need for extensive modifications. The move is scheduled for this fall.

Transaction details indicate the asking rent for a comparable lease in the 22-story building was $84 per square foot earlier this year. The 380,000-square-foot property is situated at the corner of Lexington Avenue and East 50th Street, two blocks from Grand Central Terminal.

Leasing activity at 560 Lexington has been robust, with over 91,000 square feet of transactions recorded in the last six months. Recent tenants joining the building include financial firm Marex, hedge fund SummitTX, and coworking operator Industrious.

The brokerage team included Jacob Rosenthal and Kevin Carroll of CBRE Group, Inc. representing the tenant. Rudin was represented in-house by Kevin Daly, alongside a CBRE team consisting of Peter Turchin, Brett Shannon, Eric Deutsch, and Lauren Levy. CBRE Group currently trades with a market capitalization exceeding $44 billion.

What to watch

• Rudin Portfolio Occupancy: Monitor whether the recent leasing momentum at 560 Lexington continues into the fourth quarter.
• Plaza District Asking Rents: Watch for subsequent lease deals in the area to gauge if the $84 per square foot asking rate holds steady.

Source: original release