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NEW YORK CITY - Completing W&H Properties' leasing of the tower offices of One Grand Central Place, the Tourist Office of Spain is moving from its current location at 666 Fifth Avenue to the Pre-War Trophy property's 53rd floor.
The Tourist Office will take occupancy of its nearly 8,500-square-foot space in the fourth quarter of the year for a lease term of 15 years.
"This transaction is very meaningful to us," says Fred C. Posniak, senior vice president of W&H. "It represents the last step in the process of repositioning and leasing of the entire tower at One Grand Central Place, a program that has significantly enhanced the building's white-glove corporate environment to prestigious tenants and their brokers."
He adds: "Throughout the repositioning program, we have attracted several prestigious tenants, including Fairfield-Maxwell Services, Pipeline Financial, and Pine Brook Road Partners, to name a few. We're also seeing tenants choosing to relocate to One Grand Central Place from the Plaza district—in addition to the Tourist Office of Spain, the international haircare and cosmetics distributor Ales Group USA Inc. recently signed a lease to move from 1350 Avenue of the Americas to the entire 54th floor of One Grand Central Place."
The Tourist Offices of Spain are the representatives abroad of the Instituto de Turismo de España (TURESPAÑA), which is the administrative unit of the Central Government of Spain in charge of promoting Spain abroad as a tourism destination. Additional U.S. offices are located in Miami, Chicago, and Los Angeles.
Owen Hane and John Fitzsimons of Cushman & Wakefield represented the tenant in the lease negotiations. William Cohen, Ryan Kass and Alison Coffey of Newmark Knight Frank, the building’s managing and leasing agent, represented the landlord.
Rising 55 stories directly opposite Grand Central Terminal, One Grand Central Place provides 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 supervised by Malkin Holdings LLC, one of New York City's most financially stable ownerships. W&H Properties is committed to sustainable property operations and development, including energy efficiency, water use reduction, waste and recycling and indoor environmental quality initiatives.
Available space ranges from W&H portfolio standard high-end pre-built suites from 2,500 to 5,000 square feet, to a white-boxed full floor of 48,000 square feet. A 16,000-square-foot multi-level retail space is also available.
Broker commissions are paid in full at lease signing.
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