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NEW YORK CITY - Tokio Marine Asset Management (TMA) has leased a pre-built suite at The Lincoln Building at 60 East 42nd Street, announces John Sinon, director of Newmark Knight Frank, the building's managing and leasing agent. The firm is the second major financial services company, following MetLife, to lease a pre-built there in recent months.
Relocating from 230 Park Avenue, TMA will move into its 4,500-square-foot suite at The Lincoln Building on the 23rd floor in May. Connor Denihan of CB Richard Ellis represented TMA in the lease negotiations. Mr. Sinon represented the landlord, along with Brian Waterman of Newmark Knight Frank.
Headquartered in Tokyo, with offices in Singapore and London, in addition to New York, Tokio Marine Asset Management provides investment advisory services for corporate pension funds and other institutional investors and corporate clients, and offers public investment trusts for individual customers.
The firm's move to The Lincoln Building is another indication of
the rising popularity of W&H pre-builts, not only among small and mid-sized firms, but also among regional offices, affiliates and divisions of larger firms, according to Mr. Sinon.
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.
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. Sinon.
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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