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NEW YORK CITY - W&H Properties' 60 East 42nd Street has been repositioned as One Grand Central Place, announces Fred C. Posniak, senior vice president of W&H Properties.
The new name for the property is significant, says Mr. Posniak, who notes that "it confirms the building's reputation as the premier Pre-War Trophy property within the Grand Central District, as well as its unsurpassed location directly across from Grand Central Terminal."
One Grand Central Place's pre-eminent position is the result of a massive repositioning program that included a recently-completed $85-million upgrade program and the installation of Newmark Knight Frank as managing and leasing agent. Consequently, the 55-story tower has been attracting prestigious tenants, including ABS, a leading global shipping classification society, and Gibbs & Soell, one of the largest independent public relations firms in the United States. Several more notable lease transactions are in progress.
Mr. Posniak states, "Ownership is committed to maintaining One Grand Central Place's status as the leading Pre-War Trophy office building in the area and a top destination for brokers and tenants alike."
In 2007, the property - known for its stately and beautiful lobby - won the BOMA/NY Pinnacle Historical Building Award, the winner of which demonstrates "strong commitment to the preservation of [its] historical integrity while modernizing to accommodate the latest advances in real estate technology."
One Grand Central Place, with 55 stories, is one of the most prestigious addresses in the Grand Central District and it has its own zip code. It offers direct in-building 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 upgrade program includes new windows, renovated elevators, renovated air-conditioned public corridors and restrooms, and upgraded building-wide systems. The building also features a visitor center, tenant conference center, messenger center and a law library.
Part of the W&H Properties portfolio, One Grand Central Place is owned by a partnership led by Peter L. Malkin and Anthony E. 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. Posniak.
Available space at One Grand Central Place ranges from partial floors of 1,200 to 8,000 square feet to full floors of 9,500 to 47,589 square feet.
Broker commissions are always paid in full at lease signing.
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