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NEW YORK CITY-The Related Cos. has leased two full floors, approximating 50,000 sf, for accounting and back-office operations at W. 55th Street from owner/manager the Winter Organization. This latest lease brings the repositioned, 12-story, 320,000-sf office property to full occupancy.

David Winter, a principal with the Winter Organization, tells GlobeSt.com, “We did just about anything you could do to a 1912 building. I’m talking from the roof on down.”Winter says that the area has benefited immensely from the development of Time Warner Center, the newly expanded Hearst building and the Alvin Ailey American Dance Theater, making Midtown West. The building has attracted tenants such Related, Tarragon Corp., Clinilabs and Club H, among others.”

“We look at a building like this as a viable alternative to what I guess you would the plaza area, Sixth Avenue,” Winter says. “We realize this type building not going to be priced [like newer buildings].” Winter adds the asking rent for space was about $32 per sf.

Capital improvements at the building, located between Ninth Avenue and 10th Avenue included: installation of two new elevator shafts; a fully redeveloped street-level lobby; new ground floor retail space; a new roof, boiler and façade, and replacement of 500 windows. The total renovation cost about $10 million for the building’s infrastructure and about $10 million for tenant improvements.

David Falk, Rob Silver and Daniel Levine of Newmark represented the Winter Organization. Chris Mongeluzo, also of Newmark, represented Related.

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