1333 Broadway, undergoing a total renovation and
upgrade, offers a naming opportunity with a nearly
250,000-square-foot block presently on the market.

As the W&H brand marks its fourth anniversary, a proactive program to create larger office space availabilities through tenant consolidation continues to yield very positive results.

"Our properties are signing bigger, more creditworthy office tenants for longer leases that are taking advantage of the great locations and the high-quality portfolio we have assembled," says Anthony E. Malkin, President of W&H's supervisor, Wien & Malkin. "The results will be stronger, more stable tenant rosters with tenants more likely to expand and renew. They also will allow increased management efficiencies throughout our significantly upgraded Pre-War Trophy portfolio."

Just in the closing weeks of summer, for example, the noted architectural firm of Brennan Beer Gorman; the world's fourth largest airline, Lufthansa; and Taylor, a fast-growing marketing and communications firm, signed full-floor leases totaling in excess of 50,000 square feet at the Empire State Building. Additional leases are out to other users interested in full floors.

Also in late summer, Excelled Sheepskin & Leather Co. leased a full tower floor of 14,000 square feet at 1400 Broadway, where Jump Apparel is expanding its occupancy to a full floor of more than 32,000 square feet.

At 112 West 34th Street, Parigi, a major player in children's fashion apparel, is expanding to more than 40,000 square feet as a full-floor tenant. At The Lincoln Building, Pipeline Financial Group, which facilitates rapid large-block stock transactions for institutional traders, is expanding into 27,000 square feet.

"This activity represents very rapid progress, especially because it has been only nine months since 112 West 34th Street, the Empire State Building and 1333, 1350 and 1400 Broadway joined the W&H portfolio," Mr. Malkin notes. "Buildings that formerly were characterized by small suites are now attracting tenants that need blocks of space, often amounting to multiple full floors."

Taking an even bigger step forward, W&H is bringing to market a contiguous block of nearly 250,000 square feet at 1333 Broadway, which has several multi-floor deals in negotiation. This unusually large block of space in such a central location has generated a tremendous amount of interest in the office brokerage community.

"This tower is ideally located near 15 subway lines, PATH service to New Jersey, and all the facilities at Penn Station, including the Long Island Rail Road, Amtrak and New Jersey commuter lines; in addition, it is easy to walk or take the subway to Grand Central Terminal for more commuter rail," says Mr. Malkin. "We've begun a top-to-bottom renovation to make this address second to none in terms of what it offers a major corporation. And there is even an opportunity to name the property for a major user."

The ability to replace hundreds of small space users with more select major and mid-sized tenants is the result of several key factors, Mr. Malkin explains. One is the portfolio-wide capital improvements program, which will exceed a billion dollars. Already, several hundred million dollars has been devoted to thoroughly upgrading the first properties in the portfolio to be shifted out of management by Helmsley-Spear - The Lincoln Building at 60 East 42nd Street, 250 West 57th Street, 501 Seventh Avenue and 1359 Broadway.

"Those buildings now serve as showcases for the transformations that are underway at the properties that joined the W&H brand last January," Mr. Malkin says. "The brokerage and tenant communities see what was accomplished with the earlier portfolio and have no doubt that we will do what we promise in the newer additions."

A second factor in the leasing program is the proactive nature of the consolidation. Management and ownership are flexible and eager to find ways to accommodate the needs of new tenants and existing tenants that want to expand.

"By monitoring inefficient space usage and relocating smaller tenants to suitable locations, we've been creating the blocks of space that the market is looking for," explains Fred C. Posniak, Wien & Malkin Senior Vice President.

"Together with our industry-leading leasing and managing agents (CBRE, Cushman & Wakefield, Newmark Knight Frank) we are creatively making compelling deals that meet the satisfaction of all parties. Brokers recognize that and are eager to bring their clients to us."

In addition to modern Class-A amenities and a helpful ownership/management team, W&H buildings benefit from their outstanding locations in thriving neighborhoods, next to abundant public transportation.

"Attractive, modernized office facilities in advantageous locations are bringing us tenants of a quality that strengthens the portfolio and promotes management efficiencies, producing stronger operating results for our investors," says Mr. Malkin.