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NEW YORK CITY - Three financial service firms have signed leases totaling in excess of 10,000 square feet at W&H Properties’ 60 East 42nd Street, announces John Sinon, director of Newmark Knight Frank, the property's managing and leasing agent. They include:
- JF Capital Advisors: The firm specializes in hospitality transactions involving the capital markets, and has ownership interests in 21 hotels and three development projects across the United States and Puerto Rico. Glenn Issacson of CB Richard Ellis represented the firm in the lease negotiations.
- Penn Mutual Life Insurance Company, the nation's second oldest mutual life insurance firm. Founded in 1847, the company provides life insurance and annuity products through a national network of producers and financial advisors.
- Hotel Capital Advisors, Inc., a hotel investment advisory and asset management firm, has renewed its 9th floor premises.
Mr. Sinon represented the landlord in all three transactions, along with Brian Waterman of Newmark Knight Frank. There was no tenant representative for the two renewals.
"These leases closely follow others signed by new tenants MetLife and Tokio Marine Asset Management at 60 East 42nd Street," notes Mr. Sinon. "It's clear that financial service firms are attracted by the convenient location, professional environment and top-tier amenities offered by this trophy property."
60 East 42nd Street, with 55 stories, 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 property's recently completed 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, 60 East 42nd Street 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 60 East 42nd Street 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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