Underscoring the strategic advantages of office buildings owned by Wien & Malkin-led partnerships, W&M Properties and its affiliated company, W&H Properties, were prominently featured in recent New York Times articles spotlighting significant commercial real estate trends in the New York metro area.

A September article detailed the dramatic growth underway in southern Fairfield County, CT, especially Stamford, where the W&M portfolio includes two major properties: First Stamford Place and Metro Center. The story noted that both have been attracting big-name tenants from Manhattan, as well as from nearby Greenwich.

Bank of Ireland Sets Pace

Citing as a prime example the Bank of Ireland's recent decision to set up its expanding global markets group at First Stamford Place – "a block from the city's mass transit center," the Times noted – the story reported that 10 companies have relocated to or grown new aspects of their operations in W&M buildings from Manhattan and Greenwich in the past year alone. Rents have risen to the upper $40s per square foot at First Stamford Place, and to the upper $50s at Metro Center, which is directly at the transit center, the story said.

Earlier in the summer, another New York Times article highlighted the upgrading of The Lincoln Building, a W&H portfolio property in the heart of Manhattan's Grand Central district, as part of a story about the tightening market for smaller tenants. Two interior photographs illustrated how The Lincoln Building is being gradually transformed to accommodate larger tenants.

"We embarked on a program to upgrade all of our trophy Pre-War New York City properties in 2002," said Anthony E. Malkin, head of Wien & Malkin Supervisory Services, the asset manager for W&H Properties (and President of W&M Properties).

He explained how the program helps achieve higher rents, plus the management efficiencies and cost-savings that accompany consolidation of spaces.