Lease Beat

Law Firm Expands at W&H Properties’ 1350 Broadway


Tarter Krinsky & Drogin LLP has signed an expansion at W&H Properties1350 Broadway, the landlord announced last week. The law firm, which moved to the building in 2007, increased its presence by 35 percent and will now occupy a total of 37,609 square feet across three floors.

“Tarter Krinsky & Drogin has been a tenant at 1350 Broadway during a period in which we have transformed the property in a $53-million, top-to-bottom upgrade program,” said Anthony Malkin, president of Malkin Holdings, which oversees the W&H portfolio, in a prepared statement. “This expansion demonstrates that we’ve delivered on our promises and ensured the highest levels of tenant satisfaction.” Read More

Lease Beat

Enclos Corp Expands at the Empire State Building

(Credit: Al Barbarino)

Enclos Corp., a façade engineering, design and manufacturing firm, has expanded at the Empire State Building, signing a five-year, 4,705-square-foot lease on the 76th floor. Asking rent for the pre-built space was in the mid-$50s per square foot.

“Taking more space at the Empire State Building is an important statement for any nationally-based company,” said Thomas Sullivan, executive managing director at Coldwell Banker Commercial Alliance, who represented the tenant, in a prepared statement. Read More

Lease Beat

Allianz Real Estate of America Relocating to One Grand Central Place


The U.S. Real Estate arm of German insurance company Allianz is relocating to One Grand Central Place from 1114 Avenue of the Americas after signing a 10-year lease for over 7,000 square feet on the 37th floor of the W&H Properties building. Asking rents were $59 per square foot.

“We chose the location based on the competitive rent, the build out that the landlord is undertaking, the excellent light and views and the proximity to Grand Central,” Greg Taubin, executive managing director at Studley, who represented the tenant, told The Commercial Observer.

Read More

The Plan

Check Out Prebuilts and PIOs at W&H Properties’ 250 West 57th Street


W&H Properties, a subsidiary of Malkin Holdings, has instituted two leasing programs at the repositioned 250 West 57th Street, whose operator has updated the lobby, added new elevator cabs, and renovated the public corridors, bathrooms and building systems.

The first offering is a prebuilt program, which Delta Dental has taken advantage of on the building’s sixth floor in a 2,348-square-foot space. The other is the PIO, or prepared for immediate occupancy program, which law firm Weinman Schnee Morais has opted for in a 1,862-square-foot suite on the 22nd floor.

Fred Posniak, senior vice president of Malkin Properties, spoke to The Commercial Observer about both leasing programs and spaces, offering details on the differences between them and how they appeal to individual tenants. Read More

Lease Beat

AT&T Wireless to Open “World Store” at 250 West 57th Street


AT&T Wireless has signed a 10-year lease for 3,797 square feet on the ground floor of W&H Properties250 West 57th Street. The space has been earmarked for the wireless telecommunications company’s “World Store.” Starting rent for the lease is $350 per square foot.

“There aren’t very many boxes like this, it’s a terrific configuration for [AT&T Wireless],” Anthony Malkin, president of Malkin Holdings LLC, which supervises W&H Properties, told The Commercial Observer. Read More

Lease Beat

Interpublic Group Signs Lease at 1400 Broadway


The Interpublic Group of Companies (IPG) has signed a lease for 87,000 square feet at 1400 Broadway, a spokesperson confirmed with The Commercial Observer. Three New York-based subsidiaries of the advertising conglomerate will relocate to 1400 Broadway by the end of the year from their current offices in Flatiron and Soho.

IPG, considered a “big four” advertising agency, is headquartered at 1114 Avenue of the Americas and also operates a U.S. regional office in Omaha, Neb.

The building at 1400 Broadway is owned by Malkin Holdings via W&H Properties. Currently, the building boasts 10,627 square feet of available space on the 10th floor, available immediately, according to the W&H Properties’ website. Read More

Lease Beat

ServiceNow Shuffles to Double Square Footage

Courtesy of Office Spaces

ServiceNow will be shifting around offices in Midtown.

The leading cloud-based services that automate enterprise IT operations move offices and double their space at W&H PropertiesOne Grand Central Place. The firm had initially taken a 4,969 square foot space on the 23rd floor in 2009 and will be moving to a 11,841 square foot Read More

The Plan

Hatch Mott MacDonald’s New Layout

1400 Broadway.

When North American engineering consultancy Hatch Mott MacDonald sought to expand and relocate from its offices at 3 Park Avenue, officials explored buildings throughout Midtown and Midtown South, and initially they had no interest in 1400 Broadway, a 35-story building owned by W&H Properties.

All it took to change the minds of the executives, however, was a tour of the building’s 15,088-square-foot 30th floor, a space that, despite its size, boasts four separate terraces, including one that wraps around West 38th Street all the way to Broadway. Such amenities, not to mention the asset’s proximity to Grand Central Station and Penn Station, helped tip the scales in January, when officials inked a full-floor deal.

After the jump, Fred Posniak, a senior vice president at W&H Properties, reviews the floor plans with The Commercial Observer and discusses what, exactly, drew the consulting company to 1400 Broadway in Midtown. Read More

2012 Owners Magazine

Does Size Matter? In an Industry Filled with Goliaths, Davids Abound

Illustration Courtesy Ed Johnson.

On a balmy July afternoon, a few members of SL Green’s management staff pushed their way through the revolving doors of 711 Third Avenue, the company’s 500,000-square-foot, 20-floor tower between 44th and 45th Streets.

They passed through the gallery-style lobby, framed by both Greek Thassos white and De Savoi grey-blue marble, carrying a few boxes. An original Hans Hoffman mosaic mural, designed in 1956, adorned the hallway farther down.

They sliced open the boxes and put on green aprons emblazoned with the firm’s stylized logo—and so the ice cream party for the building’s tenants began.

In a market full of haves and have-nots, there are benefits to being the biggest fish in the pond. Read More

Lease Beat

Fresh & Co. Opens Sixth NYC Location

Courtesy of Malkin Properties

Fresh & Co. is set to open a new location in Midtown in early 2013.

The announcement comes in recent light of the eatery’s fifth location on the corner of Broadway and Waverly Place, replacing the local twenty-four hour deli, Delion. The new, sixth location will open at W&H Properties1359 Broadway catering to those between Penn Station and Bryant Park. Read More

The Plan

Check Out 250 West 57th Street’s First Full-Floor Tenant Since the Early 1980s

The Plan

When executives at Malkin Holdings’ W&H Properties chose to reposition the Empire State Building and several other assets prior to the downturn, few expected that 250 West 57th Street, a building chock-a-block with 150-square-foot offices, would experience such a rapid transformation. But sure enough, less than five years after those ambitious renovations began, the building welcomed its first full-floor tenant in three decades, thanks to a leasing deal with Perseus Books Group in February. Seeking to consolidate two offices in New York City, the publishing group took the 26,104-square-foot 15th floor earlier this year and expects to consolidate and expand over the next few weeks. After the jump, Anthony Malkin, president of Malkin Holdings, reviews the furniture plan and the Mufson Partnership architectural designs with The Commercial Observer and discusses why, exactly, Perseus chose 250 West 57th Street. Read More

Lease Beat

LJAF Opens Office in New York

Courtesy of Malkin Properties

The Laura and John Arnold Foundation, a Houston-based nonprofit, is set to open an office in New York in September.

Forbes-listed billionaire John Arnold established the foundation to support criminal justice, education, and public accountability. Their latest work includes the ERIN Project, a powerful tool that analyzes K-12 education in the United States.

LJAF has signed Read More

Lease Beat

Air Conditioning Giant to Cool Its Heels at 1350 Broadway

1350 Broadway (image courtesy of W&H Properties)

Carrier Corp. is moving one of its New York area sales offices to 1350 Broadway to take nearly 6,000 square feet of space at the 400,000-square-foot W&H Properties building.

The air conditioning behemoth, based in Farmington, Conn., will move the sales force into space on the 23rd floor sometime in June. Cushman & Wakefield’s David Itzkowitz represented the tenant in the deal along with colleagues Mark Wanic, John Slattery and Bernhard Weinstabel.

Robert Silver, Anthony Sciacca and Neil Rubin from Newmark Grubb Knight Frank represented W&H Properties. Read More