Exhibit 10.3

EXECUTED VERSION

FIFTH AMENDMENT OF LEASE

THIS FIFTH AMENDMENT OF LEASE (this “Amendment”) is dated as of the 17th day of December, 2021, by and between 731 OFFICE ONE LLC (“Landlord”), a Delaware limited liability company, having an office c/o Alexander's Inc., 888 Seventh Avenue, New York, New York 10019, and BLOOMBERG L.P. (“Tenant”), a Delaware limited partnership, having an office at 731 Lexington Avenue, New York, New York 10022.

WITNESSETH :

WHEREAS, pursuant to an Agreement of Lease, dated as of April 30, 2001, between Seven Thirty One Limited Partnership, as landlord, and Tenant, as tenant (the “Original Lease”), as amended by (i) a letter agreement, dated December 20, 2001, between Seven Thirty One Limited Partnership and Tenant, (ii) a letter agreement, dated January 30, 2002, between Seven Thirty One Limited Partnership and Tenant, (iii) a First Amendment of Lease, dated April 19, 2002, between Seven Thirty One Limited Partnership and Tenant, (iv) a letter agreement, dated July 3, 2002, between Seven Thirty One Limited Partnership and Tenant, (v) a letter agreement, dated September 30, 2002, between 731 Commercial LLC (successor-in-interest to Seven Thirty One Limited Partnership) and Tenant, (vi) a letter agreement, dated February 5, 2003, between 731 Commercial LLC and Tenant, (vii) a letter agreement, dated March 14, 2003, between 731 Commercial LLC and Tenant, (viii) a letter agreement, dated April 14, 2003, between 731 Commercial LLC and Tenant, (ix) a letter agreement, dated May 22, 2003, between 731 Commercial LLC and Tenant, (x) a letter agreement, dated November 4, 2003, between 731 Commercial LLC and Tenant, (xi) a letter agreement, dated November 14, 2003, between 731 Commercial LLC and Tenant, (xii) a letter agreement, dated September 29, 2004, between Landlord (successor-in-interest to 731 Commercial LLC) and Tenant, (xiii) two (2) letter agreements, dated February 7, 2005, between Landlord and Tenant, (xiv) a letter agreement, dated March 8, 2005, between Landlord and Tenant, (xv) a letter agreement, dated December 31, 2009, between Landlord and Tenant, (xvi) a Second Amendment of Lease, dated as of January 12, 2016, between Landlord and Tenant, (xvii) a Third Amendment of Lease, dated as of April 20, 2016, between Landlord and Tenant, (xviii) a letter agreement, dated as of November 18, 2016, between Landlord and Tenant and (xix) a Fourth Amendment of Lease, dated as of June 28, 2019, between Landlord and Tenant, Landlord demised and let unto Tenant, and Tenant did hire and take, certain space in the building that is known by the street address of 731 Lexington Avenue, New York, New York, on the terms and subject to the conditions set forth therein (the Original Lease, as so amended, being referred to herein as the “Lease”); and

WHEREAS, Landlord and Tenant desire to amend the Lease as provided herein.

NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the mutual receipt and legal sufficiency of which the parties hereto hereby acknowledge, Landlord and Tenant hereby agree as follows:

1.Defined Terms. Capitalized terms used and not otherwise defined herein shall have the respective meanings ascribed thereto in the Lease.

2.Additional Terrace Space.

(A)Subject to Section 2.11 of the Original Lease, as amended hereby, Tenant shall have the exclusive right to use during the Term the portion of the terrace that is adjacent to the sixth (6th) floor of the Building and that is marked “Terrace Expansion” on the schematic attached as Exhibit “A” attached hereto and made a part hereof (such portion of such terrace, the “Additional Terrace Space”).

(B)Subject to Section 2.11 of the Original Lease, as amended hereby, Tenant shall have the right to perform, at Tenant’s sole cost and expense, all items of work in the Additional Terrace Space detailed in the plans and specifications attached as Exhibit “B” attached hereto and made a part hereof (the “2021 Plans and Specifications”), which have heretofore been approved by Landlord and that address the items set forth on Exhibit “C” attached hereto and made a part hereof (collectively, the “2021 Terrace Work”).

(C)Subject to the terms of this Paragraph 2(C), Landlord hereby approves in concept Tenant's performing Alterations in the Additional Terrace Space, at Tenant’s sole cost and expense, that are described on Exhibit “D” attached hereto and made a part hereof (collectively, the “2022 Terrace Work”). Tenant shall not perform the 2022 Terrace Work without obtaining Landlord's prior approval thereto, it being understood, however, that (i) Landlord, in considering its approval to the 2022 Terrace Work, shall not have the right to reject the 2022 Terrace Work solely on grounds based on the nature of the 2022 Terrace Work described on Exhibit “D” attached hereto, and (ii) Landlord shall not unreasonably withhold, condition or delay Landlord's approval of the 2022 Terrace Work in accordance with Section 2.11 of the Original Lease.

(D)Tenant shall not be required to pay any Base Rent or Escalation Rent to Landlord for the Additional Terrace Space.

3.Landlord Representatives. The names Eli Zamek and John Kundrat contained in Section 2.11 of the Original Lease shall be deleted and replaced with Niles Llolla.

4.No Lender Consent. Landlord represents, warrants and confirms to Tenant that no consent to the parties' execution and delivery of this Amendment is required from the existing Mortgagee.

5.Broker. Each party represents and warrants to the other that it has not dealt with any broker or Person in connection with this Amendment. The execution and delivery of this Amendment by each party shall be conclusive evidence that such party has relied upon the foregoing representation and warranty. Tenant shall indemnify and hold Landlord harmless from and against any and all claims for commission, fee or other compensation by any Person who claims to have dealt with Tenant in connection with this Lease and for any and all costs incurred

by Landlord in connection with such claims, including, without limitation, reasonable attorneys' fees and disbursements. Landlord shall indemnify and hold Tenant harmless from and against any and all claims for commission, fee or other compensation by any Person who claims to have dealt with Landlord in connection with this Lease and for any and all costs incurred by Tenant in connection with such claims, including, without limitation, reasonable attorneys' fees and disbursements. The provisions of this Paragraph 5 shall survive the expiration or termination of the Lease, as amended hereby.

6.Reaffirmation. Landlord and Tenant each hereby acknowledge that the Lease, as amended by this Amendment, remains in full force and effect.

7.Successors and Assigns. The Lease, as modified by this Amendment, shall bind and inure to the benefit of the parties and their successors and assigns.

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IN WITNESS WHEREOF, Landlord and Tenant have duly executed and delivered this Amendment as of the day and year first above written.

731 OFFICE ONE LLC, Landlord

By:    Vornado Management Corp., as managing agent

By:	/s/ Glen J. Weiss
Name: Glen J. Weiss
Title: Executive Vice President

BLOOMBERG L.P., Tenant

By:    Bloomberg Inc., general partner

By:	/s/ Peter Smith
Name: Peter Smith
Title: Director of Global Real Estate