Landowners Of SL Green-Controlled 420 Lexington Get $160M Loan
The heirs of famed real estate broker Henry Hart Rice just landed a $160M loan on the land underneath the landmark Graybar building at 420 Lexington Ave. adjacent and connected to Grand Central Station.
AXA Equitable Life Insurance provided the loan, which refinanced a previous $125M loan, to Landgray Associates, a partnership of Eve and Edward Hart Rice, the daughter and son of Henry Hart Rice.
SL Green holds a ground lease and controls the office and retail building above. In 2007, SL Green announced an early renewal of its lease with Graybar through the end of 2029. SL Green's lease payments to Landgray amount to approximately $11.2M/year. The lease has two 15-year renewal options and will mature at the end of 2080.
The Harts are not the real estate figures their father was: Eve is a psychologist who lives in Bedford, N.Y., and Edward is a stockbroker in Vienna, Va. The two control the Rice Family Foundation, an active donor to charities and progressive causes, which had $87M in assets at the end of 2015, according to tax filings.
SL Green's corporate headquarters are in the Graybar building, alongside tenants Metro Transit Authority, New York Life Insurance and Lighthouse Financial Group.