$53m makeover transforms 501 7th into Times Sq. star.The recent installation of a new lobby desk at 501 Seventh Avenue, a W&H property in the burgeoning Times Square South district, marks the completion of the building's $53 million capital improvement program. The improvements, which were launched in 2003, included the installation of a state-of-the-art air conditioning air conditioning, mechanical process for controlling the humidity, temperature, cleanliness, and circulation of air in buildings and rooms. Indoor air is conditioned and regulated to maintain the temperature-humidity ratio that is most comfortable and healthful. system, new electrical and security systems, new elevators, corridors, bathrooms and windows, in addition to a fully renovated lobby, says Garett Varricchio, associate of CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. , the property's exclusive leasing and managing agent. Through this program, 501 Seventh Avenue was transformed into a modern building, catering to a mix of traditional garment tenants and office users, with Class-A amenities and technological capabilities. "When W&H hired us as managing agent two years ago and added 501 Seventh Avenue to the portfolio, the building was nondescript non·de·script adj. Lacking distinctive qualities; having no individual character or form: "This expression gave temporary meaning to a set of features otherwise nondescript" , with minimal amenities," notes Scott Pudalov, executive vice president of CB Richard Ellis. "Today, it's a star of the neighborhood, with high-profile, creditworthy cred·it·wor·thy adj. Having an acceptable credit rating. cred  it·wor tenants, and 99%
occupancy--approximately triple the rate it was in 2003.
"Along with new tenant and broker initiatives, managerial responsiveness and ownership involvement, the renovations were a major component of the property's metamorphosis." Located at West 37th Street, 501 Seventh Avenue comprises approximately 500,000 square feet. The building offers convenient access to 11 subway lines. Access to Amtrak Amtrak, the National Railroad Passenger Corp., authorized to operate virtually all intercity passenger railroad routes in the United States. Amtrak was created by Congress in 1970 in response to more than two decades of continuous operating deficits by privately run , the Long Island Railroad and New Jersey Transit The New Jersey Transit Corporation (NJ Transit) is a statewide public transportation system serving the state of New Jersey, and Orange and Rockland counties in New York. It operates bus, light rail, and commuter rail services throughout the state, notably connecting to major is also available at Penn Station, one block away. Part of the W&H Properties portfolio, 501 Seventh Avenue is owned by 501 Seventh Avenue Associates LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a partnership led by Peter L. Malkin and Leona Helmsley. Available space at 501 ranges from approximately 1,331 square feet to 3,299 square feet. Only six units totaling approximately 10,000 square feet remain available. |
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