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NEW YORK CITY - Adding to the flurry of leasing activity at One Grand Central Place, Tenex Capital Management and Investors Savings Bank have leased high-end pre-builts on the 45th floor, announces Fred C. Posniak, senior vice president of W&H Properties.
Tenex's suite encompasses 3,800 square feet, and Investors Savings Bank's totals 3,400 square feet. Both firms signed leases before construction on the suites was complete because they were impressed with the high-quality building-standard pre-built finishes and the outstanding views from the tower floor, according to Mr. Posniak.
One Grand Central Place has long been known for its high-end program of pre-builts, which are constructed according to the highest industry standards and offer new ceilings, lighting, flooring, top-of-the-line pantries with stainless steel upper and lower cabinetry and stone countertops, designer appliances and window treatments, and highly efficient layouts with a great deal of glass, wood and sidelights. "We expect these units to set new standards for the industry," says Mr. Posniak.
He adds that there is only one remaining unit on the 45th floor, and that it is likely to be leased quickly, especially because it features expansive city and tri-state views on three sides.
Tenex and Investors Savings Bank are the latest in a long line of prestigious financial firms to lease space at the property. Other recent additions to the tenant roster include Pine Brook Road Partners, a private equity firm; and Prager, Sealy & Co., an investment services firm. In addition, one of the world's leading international financial services organizations, Sun Life Financial (NYSE: SLF), recently renewed its 7,200-square-foot space on the 11th floor.
Tenex, founded in 1999 and headquartered in Philadelphia, is an investment management firm focusing on operational turnarounds. Eighty-four-year-old Investors Savings Bank, based in Short Hills, N.J., has more than $8 billion in assets and a network of 58 branches in ten Garden State counties.
Greg Kraut and Colin Meagher of CB Richard Ellis represented Tenex in the lease negotiations. Waite Buckley of WPG represented Investors Savings Bank. William Cohen, Alison Coffey and Ryan Kass of Newmark Knight Frank negotiated both transactions on behalf of 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 has undergone $85 million of upgrades to its 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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