ASCAP renews at 1 Lincoln.

The American Society of Composers, Authors and Publishers has decided that home is where the heart is--in this case, at One Lincoln Plaza. A performing arts organization their royalties, ASCAP was thinking about moving to a less expensive place in midtown when landlord Ogden Cap Properties gave it some convincing reasons to stay put. ASCAP just signed a 15-year, 153,000 s/f lease renewal at One Lincoln Plaza. According to the brokers who represented ASCAP, remaining at its long-term home just made the most sense.

"It was a combination of being happy in the building and the neighborhood, as well as economic considerations," said Joseph Fabrizi, of Cushman & Wakefield, who handled the transaction with partner Mitchell Barnett.

However, some published reports say that it was a lowered price tag and the promise of landlord concessions that ASCAP found the most appealing.

Lester Schwalb, of Ogden Cap Properties, represented the landlord in the transaction.

"We are delighted that ASCAP is renewing its lease at One Lincoln Plaza, where the firm has been a tenant for over 30 years," he said. "This is ASCAP's third renewal in the building. It is very gratifying when you have long-term tenant relationships."

One Lincoln Plaza is a mixed-use building in the heart of the Lincoln Center neighborhood. Completed in 1974, the building is divided into eight floors of commercial space and 36 floors of luxury residential apartments.

"The Lincoln Center neighborhood is home to a number of major corporations," Schwalb noted. "In addition to ASCAP, there is American Broadcasting Company [and] Time Warner headquarters. The area is expanding as a highly desirable office location, especially to heavy hitters in the entertainment industry."

ASCAP has been headquartered at One Lincoln Plaza since its completion in 1974.