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NEW YORK CITY – Metropolitan Life Insurance Company, a subsidiary of MetLife, Inc. (NYSE: MET), has leased a pre-built suite at The Lincoln Building at 60 East 42nd Street, announces Brian Waterman, executive vice president of Newmark Knight Frank, the property's managing and leasing agent.
The 3,100 square-foot space, which will house a sales office, is on the fifth floor.
W&H's standard pre-built units feature new ceilings, lighting, and flooring in highly efficient layouts. Because the pre-builts are in move-in condition, their occupants avoid the time consuming efforts of planning, scheduling, and building that are involved in the construction process.
"They're perfect for small to mid-sized firms that can enjoy the benefits of immediate occupancy," says Mr. Waterman.
"Another plus for Met Life is the proximity to the MetLife building, only a block away," he adds.
Lloyd Desatnick of Jones Lang LaSalle represented the tenant in the lease negotiations. Mr. Waterman represented the landlord along with John Sinon and Jonathan Fanuzzi of Newmark Knight Frank.
MetLife, Inc. is a leading provider of insurance and financial services with operations throughout the United States and Latin America, Europe and Asia Pacific regions.
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 Square shuttle subway lines.
The Lincoln Building's capital improvement program, totaling $85 million, includes 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 building also features a tenant conference center and a law library.
Part of the W&H Properties portfolio, The Lincoln Building is owned by Lincoln Building Associates, L.L.C., a partnership led by Peter L. 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," says Mr. Waterman.
Available space at The Lincoln Building ranges from partial floors of 1,200 to 8,000 square feet to full floors of 11,845 to 47,589 square feet. Retail opportunities are available in the lobby arcade, with spaces ranging from 244 to 728 square feet.
Broker commissions are paid in full at lease signing.
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