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NEW YORK CITY - Almost 12 months of intense negotiations and remarkably complicated transactions involving no fewer than ten parties have resulted in two new large tower leases being executed at W&H Properties' One Grand Central Place, announces Fred C. Posniak, senior vice president of W&H Properties.
The 30,632-square-foot, multi-floor transactions involved Pine Brook Road Partners, LLC, a private equity firm, which leased the entire 17,632-square-foot 49th floor and part of the 50th floor (with provisions to expand into the balance of the 50th floor), and Vandenberg & Feliu, a law firm, which leased the entire 51st floor (13,000 square feet).
"This required a very complicated array of negotiations to make these two deals happen, but that's what happens when two important tenants want very much to be at the top of a great building. Ownership was more than delighted to go the extra mile to accommodate them," notes Mr. Posniak.
"This has been a great year for One Grand Central Place. We've already leased approximately 200,000 square feet of space in the building year-to-date - and there is still a quarter to go," he adds.
In order to create the required amount of space, building agent Newmark Knight Frank's William G. Cohen and Ryan Kass first negotiated with one of the existing tenants to buy out its long-term lease for the entire 51st floor and part of the 50th. Meanwhile, Messrs. Cohen and Kass also negotiated with another tenant occupying the balance of the 50th floor to buy out its remaining lease obligation.
The Pine Brook Road lease came immediately on the heels of the Vandenberg transaction. In order to facilitate the Pine Brook lease, the same team had to go back to the recently signed Vandenberg principals and negotiate a relocation to the 51st floor, which also required changes to the architectural plans significantly underway at that time.
Finally, because of the buyouts, releases and relocations, the consent of the building's lender was required. This was quickly granted, based upon ownership's longstanding relationship with the lender, the credit of the replacement tenant and ownership's extensive experience in completing this type of complicated transaction.
Pine Brook Road Partners is moving from 100 Park Avenue. Larry Zuckerman and Dan Gronich of Grubb & Ellis represented the tenant. Messrs. Cohen and Kass and Alison Coffey represented One Grand Central Place.
Robert Frost and Andrew Weiss of Signature Partners represented Vandenberg & Feliu, which will be relocating from 110 East 42nd Street. Messrs. Cohen and Kass and Alison Coffey represented One Grand Central Place in that lease as well.
Rising 55 stories directly opposite Grand Central Terminal, One Grand Central Place offers a white-glove corporate environment with unparalleled convenience. It offers direct in-building access to Grand Central Terminal, including Metro North and the 4, 5, 6, 7 and Times Square shuttle subway lines, and unsurpassed on-site services and amenities including a visitor center, messenger center, multi-media conference center and law library.
The property's recently completed $85 million upgrade program includes new windows, renovated elevators, renovated air-conditioned public corridors and restrooms, and upgraded building-wide systems, including state-of-the-art electrical, plumbing, HVAC and security.
Part of W&H Properties Pre-War Trophy office portfolio, One Grand Central Place is owned by Lincoln Building Associates LLC, a partnership led by Peter L. Malkin and Anthony E. Malkin, one of New York City’s most financially stable ownerships.
Available space ranges from W&H portfolio standard high-end pre-built suites from 2,500 to 5,000 square feet, build-to-suits from 5,000 square feet and white-boxed full floors from 9,000 to 48,000 square feet. Ground floor retail is also available on Madison Avenue, totaling 3,000 square feet.
Broker commissions are paid in full at lease signing.
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