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NEW YORK CITY - Prager, Sealy & Co., an investment services firm, has leased 7,800 square feet on the 16th floor of W&H Properties' One Grand Central Place, announces Fred C. Posniak, senior vice president of W&H Properties.
The firm will move from nearby 99 Park Avenue in the second quarter of 2010.
"This transaction comes toward the end of the best leasing year ever at One Grand Central Place," notes Mr. Posniak. "By the end of the year, we will have completed more than 260,000 square feet in lease signings."
The deal closely follows One Grand Central Place lease signings by Pine Brook Road Partners, a private equity firm, which leased the entire 49th and 50th floors totaling nearly 25,000 square feet; and Vandenberg & Feliu, a law firm, which leased the entire 51st floor.
"One Grand Central Place appeals to prestigious tenants such as these not only because the building's professional atmosphere impresses clients, but also because of great location," says Mr. Posniak. "The property boasts direct underground access to Grand Central Terminal, where you can hop on the subway and be at Wall Street in a matter of minutes."
Founded in 1987, Prager, Sealy & Co. specializes in all major areas of tax-exempt and taxable municipal finance, including higher education, land-secured finance, public power, water, transportation, resource recovery and solid waste disposal, housing and redevelopment, real estate and derivative products.
John Brod of PBS Real Estate represented Prager, Sealy & Co. in the lease negotiations. Alison Coffey, Ryan Kass and William Cohen of Newmark Knight Frank represented the landlord.
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 state-of-the-art property provides upgraded windows, elevators, air-conditioned public corridors and restrooms, and building-wide systems, including electrical, plumbing, HVAC and security.
Part of the 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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