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NEW YORK CITY - During a quarter in which many Manhattan landlords were experiencing slow leasing activity, W&H's nine Pre-War Trophy Office towers leased (in aggregate) nearly a half million square feet of space, including more than 300,000 square feet of new leases.
Highlights of the quarter included:
- The Federal Deposit Insurance Corporation (FDIC) leased 102,960 square feet at the Empire State Building, as reported in the New York Post and the New York Observer.
- Three-and-a-half tower floors at One Grand Central Place were leased to three tenants: private equity firm Pine Brook Road Partners, law firm Vandenberg & Feliu and Fairfield-Maxwell Services Ltd., a ship management company.
- ReachLocal, Inc., a global leader in local online marketing and the 39th fastest-growing private company in America in 2009 (according to Inc. magazine), leased 12,000 square feet on the ninth floor at 112 West 34th Street.
- Two prominent fashion companies, Williamson Dickies and Gildan, leased space at 1400 Broadway.
- Gerber Childrenswear signed a long-term renewal at 1333 Broadway.
"We are grateful that the market recognizes how W&H distinguishes itself from competitors, which has allowed us to do so well," says Mr. Posniak. "Our nine-building portfolio has benefited from our more than $1.0 billion upgrade program that ownership promised and is delivering. Ownership has a strong track record of financial stability, which is a significant competitive advantage in today's market. And, of course, brokers like doing business with us because we always pay 100% of commissions upon signing.
"We expect the momentum to continue throughout the end of the year and into 2010," he adds.
The W&H Properties Pre-War Trophy office portfolio includes the Empire State Building, 112 West 34th Street, 501 Seventh Avenue, 1333 Broadway, 1350 Broadway, 1359 Broadway, 1400 Broadway, One Grand Central Place, and 250 West 57th Street.
W&H Properties is committed to sustainable property operations and development, including energy efficiency, water use reduction, waste and recycling and indoor environmental quality initiatives.
For more information about W&H Properties, please visit www.whpropertiesny.com or www.malkinproperties.com.
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