"Two significant leases have been signed at The Lincoln Building, a W&H property at 60 East 42nd St.," said, Brian Waterman, executive vice president of Newmark Knight Frank, the property's managing and leasing agent.
Through four separate transactions, Pipeline Financial Group, Inc. has expanded its space at The Lincoln Building to bring its total occupancy to more than 25,000 s/f, representing an increase of more than 84%. In addition, Haver Analytics signed an early, long-term renewal for the entire 33rd floor.
Pipeline owns New York City-based Pipeline Trading Systems LLC and operates the Pipeline Alternative Trading System (ATS), which enables institutions and brokerage firms to quickly and efficiently trade blocks of NYSE-listed companies, NASDAQ stocks, ADRs, and Exchange Traded Funds (ETFs).
"We've been extremely pleased with The Lincoln Building," saidDouglas Patterson of Pipeline. "The location is unbeatable. We have employees commuting from many different areas, and Grand Central is easily accessible for everyone. It's also a big plus being able to avoid bad weather by using the underground entrance to the building, direct from subways and commuter trains. Furthermore, throughout our tenancy, building management has been exceedingly responsive and committed to meeting our needs."
Waterman negotiated the expansion, along with Jonathan Fanuzzi and John Sinon of Newmark.
Haver Analytics, which first moved into the building in 1998, signed an early renewal for its full tower floor of 12,041 s/f. The firm specializes in database and software products for economic analysis and business decision-making, and maintains more than 150 economic and financial databases from over 550 government and private sources.
"In today's tight market, with its limited availabilities and increasingly high rents, it makes a lot of sense for tenants to renew early," said, Waterman. "From W&H's perspective, it also makes sense to retain good, credit-worthy tenants. In short, both parties benefit."
Michael Burlant of Cushman & Wakefield represented Haver Analytics in the lease negotiations.
The 55-story Lincoln Building is one of the most prestigious addresses in the Grand Central District. It offers direct underground access to Grand Central Terminal, as well as to the 4, 5, 6, 7 and Times Sq. shuttle subway lines.
The Lincoln Building's recent enhancements include new windows throughout the building; new washrooms; a new HVAC system; newer, faster elevators; new elevator cabs with marble interiors; and refurbished public corridors and bathrooms. The new elevator cabs feature video screens displaying building information, stock quotes, weather reports and traffic updates. The building also features a tenant conference center and a law library. An additional $12 million has been allotted for further enhancements.
Part of the W&H Properties portfolio, The Lincoln Building is owned by Lincoln Building Associates, L.L.C., a partnership led by Peter Malkin. "The building has been under the same solid ownership for over half a century, which gives it the financial stability that is one of its most attractive features," said Waterman.
Available space at The Lincoln Building ranges from partial floors of 1,200 to 10,000 s/f to full floors of 11,845 to 47,589 s/f. Retail opportunities are available in the lobby arcade, with spaces ranging from 244 to 728 s/f. Tags: