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First new tenant signs at 16 E. 34th Street.

First new tenant signs at 16 E. 34th Street

No one is more positive about the New York office market these days than developer Stephen Green.

And with good reason. Just three months after he and his partners acquired a major Midtown building with a troubled past, he has lured a prestigious full floor tenant to the property -- the publishing firm founded by the author of "The Power of Positive Thinking."

Guideposts Associates, Inc., publisher of "Guideposts", the religious, non-sectarian, non-profit monthly magazine founded by Norman Vincent Peale in 1945, has leased the entire 13,900-square-foot 21st floor at 16 East 34th Street for its new editorial

The company, which is headquartered in Carmel, New York, also distributes and publishes a variety of books to nearly four million subscribers nationwide. It will consolidate its two present Manhattan offices, which comprise a combined total of approximately 14,000 square feet at 747 and 757 Third Avenue, into its new facility at 16 East 34th Street.

Neil Lapinsky, of Joseph Hilton & Associates, broker, represented the tenant in the long-term leasing transaction, which calls for an aggregate rental of more than $6 million. Green and Richard Farley of S L Green Real Estate represented the building's new ownership.

According to Green, the 21st floor at 16 East 34th Street will undergo a complete new tenant installation and is expected to be ready for occupancy by early summer.

The Guideposts lease marks an impressive start in the rebirth of 16 East 34th Street, a 21-story, 320,000-square-foot Art Deco tower which S L Green Estate and clients of Loeb Partners Realty purchased in September from the Bank of New York for $24 million. Nearly half vacant for the last three years, the Bank of New York had taken over the building in a foreclosure action.
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Copyright 1992, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Title Annotation:Guideposts Associates Inc.
Publication:Real Estate Weekly
Article Type:Brief Article
Date:Feb 12, 1992
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