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NEW YORK CITY - W&H Properties, the portfolio of nine Manhattan Pre-War Trophy towers, leased nearly one million square feet in 2007, almost 200,000 of which was leased during the last quarter of the year.
The portfolio comprises 250 West 57th Street, The Lincoln Building at 60 East 42nd Street, the Empire State Building, 112 West 34th Street, 501 Seventh Avenue, 1333 Broadway, 1350 Broadway, 1359 Broadway, and 1400 Broadway.
"The end of the year tends to be a slow time for leasing, but in our case, the momentum continued throughout the holiday season," says Fred C. Posniak of W&H.
During the fourth quarter, new leases, expansions and renewals were signed by such firms as the retailer Aéropostale (112 West 34th Street), Metropolitan Life Insurance Company (The Lincoln Building), the Italian financial firm Funaro and Co. (Empire State Building), the real estate development company P/A Associates (250 West 57th Street), and Joe Torre's Safe at Home® foundation (The Lincoln Building).
Much of the recent activity accompanied major milestones achieved in the portfolio's massive capital improvements programs, aggregating close to a billion dollars. Examples include the recently completed renovation of the stone and marble lobby of 112 West 34th Street, which now features a new, undulating ceiling, raised from 15 to 30 feet in height; the commencement of $71 million of improvements at 1333 Broadway; and the creation of tenant- and guest-only entrances on 34th Street at the Empire State Building.
"Ownership acted quickly to transform these assets in the same way that it transformed the four original towers in the portfolio," notes Mr. Posniak. "Because the end results are in evidence at 250 West 57th Street and at 501 Seventh Avenue, 1359 Broadway and The Lincoln Building - each the winner of one or more BOMA NY awards - brokers and their clients have complete confidence that we deliver on our promises.”
He continues: "The good news is that we still have space available for credit-worthy tenants, ranging from a few thousand square feet to multi-floor blocks. Brokers should be sure to include the W&H properties in their next space tours so they don’t miss out on these opportunities - and should keep in mind that we pay 100 percent of commissions upon signing."
For more information about W&H Properties, please visit www.whpropertiesny.com.
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