That owner, the Alaska Permanent Fund, a state-run pension fund for Alaska residents, plans a major renovation of the building's lobby, cafeteria, elevator cabs and common areas. The granite flooring in the lobby is being completely restored and touch-screen directories and displays will be installed on the lobby walls, according to officials with Insignia/ESG, the exclusive leasing and managing agent. The reception desk is also being redone with glass panels and brushed-aluminum laminate cladding. New halogen accent lighting will be installed to highlight the lobby's solid-wood paneling. The building's security is being upgraded with a new card-access system and recording security cameras. Perkins Eastman Architects has been retained to direct the renovation program. No cost figures on the renovation effort were released.

"Class A buildings remain class A buildings by continually re-investing in themselves," says Insignia senior managing director William V. Cuddy Jr.

Insignia is currently marketing approximately 63,000 sf of space at the building. The space became available due to the bankruptcy filings by former tenants Metromedia Fiber Network and Frontier Insurance. Metromedia had occupied 30,0000 sf and Frontier Insurance had leased approximately 17,000 feet. In addition, the law firm Lyon & Lyon LLP also vacated approximately 13,000 sf.

Of the total space available, 17,629 sf is on the fifth floor and 30,200 sf on the fourth floor, creating a contiguous unit of 47,829 sf. Also available is 15,000 sf of contiguous space on the 14th floor that was formerly occupied by Lyon & Lyon.

While the leasing program has just begun, Cuddy says that Insignia/ESG hopes to announce a major lease renewal at the property in the near future. He would not divulge the name of the tenant that is set to renew its office space commitment at the property.

The tenant roster at Gateway (One N. Lexington Ave.) includes: Alliance Capital, Mitsubishi Chemical America Inc., USB Paine Webber and the Bank of New York. In addition, the following law firms lease space at the building: Bleakley, Platt & Schmidt; DelBello, Donnellan Weingarten & Tartaglia; Lowey, Dannenberg, Bemporad & Selinger; Cerussi & Spring, and Collier, Halpern, Newberg, Nolletti & Bock.

Instant Insights /

Owner of Gateway Building Plans Major Capital Improvements

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