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NEW YORK CITY-An in-process $80-million capital improvement program and a influx of pre-built suites prove to be the impetus for yet another leasing spell at the 55-story Lincoln Building–as more than 120,000 sf in new leases and renewals with an aggregate rent value in excess of $25 million are inked. In August of last year, the 60 East 42nd St. site was up to 92% occupancy and a total of 74 leases were signed covering 110,580 sf. Lease rates in the building range between $30 and $48 per sf.

The site, which is directly across from Grand Central Station, had new leases totaling more than 57,000 sf and renewals of over 63,000 sf. And, according to Brian Waterman, executive vice president, Newmark & Co., which is the building’s managing and leasing agent, 80% of tenants whose leases were up for renewal elected to remain.

To date, $30 million of enhancements have been completed, including new windows throughout the building, new washrooms, a new HVAC system, newer, faster elevator operating systems, new elevator cabs with marble interiors and refurbished public corridors and bathrooms. The building also features a tenant conference center and a law library.

Waterman says six pre-built office suites, ranging from 1,902 sf to 3,524 sf, were added during the first quarter. He adds that four have been leased and the other two have leases pending. Eight more suites, comprising a total of nearly 20,000 sf, will be ready for next month. It is also anticipated that an additional 30,000 sf of pre-built space will be delivered by the end of the year. The pre-built suites appeal to a wide range of organizations, including law firms, pharmaceutical companies and pension advisory services, Waterman notes.

The largest new lease was to Gevity HR, a human resource outsourcing firm, which leased 6,279 sf. Numerix LLC, a software development company, and Sea Change Group LLC, a venture capital and restaurant development firm, leased 4,472 and 4,140 sf.

Part of the W&H Properties portfolio, the Lincoln Building is owned by Lincoln Building Associates, a partnership led by Peter L. Malkin. Available space ranges from partial floors of 800 rentable sf to full floors of 12,055 rentable sf.

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