Lincoln Building leasing deals total 120,000 s/f.

More than 120,000 s/f in new leases and renewals was signed at The Lincoln Building in the first quarter of 2004, with an aggregate rent value in excess of $25 million, says Brian Waterman, executive vice president, Newmark & Company Real Estate, the building's managing and leasing agent.

The new leases total more than 57,000 square feet, while renewals came to over 63,000 s.f.. Mr. Waterman also reports that 80% of tenants whose leases were up for renewal in the first four months of 2004 elected to remain in the Lincoln Building.

The largest new lease was to Gevity HR, a human resource outsourcing firm, which leased 6,279 square feet.

Numerix LLC, recently listed by Crain's New York Business as one of the area's leading software development companies, and Sea Change Group LLC, a venture capital and restaurant development firm, leased 4,472 and 4,140 square feet, respectively.

"Our massive capital improvement plan, which will total approximately $80 million, combined with our exceptional location and commitment to tenants, continues to make The Lincoln Building one of the most desirable addresses in the city," says Mr. Waterman.

Located at 60 East 42nd Street, directly across from Grand Central Terminal, the 55-story Lincoln Building is one of the most prestigious addresses in the Grand Central District.

The Lincoln Building has so far completed $30 million of enhancements. A total of six pre-built office suites, ranging from 1,902 s/f to 3,524 s/f, were added during the first quarter of 2004.

Of these, four have been leased and two have leases pending. Eight additional suites, comprising a total of nearly 20,000 s/f, will be ready for occupancy in July 2004.

It is also anticipated that 30,000 s/f of pre-built space will be delivered by the end of the year.

Part of the W&H Properties portfolio, The Lincoln Building is owned by Lincoln Building Associates, a partnership led by Peter L. Malkin.

"The building has been under the same solid ownership for half a century, which gives it the financial stability that is one of its most attractive features," says Mr. Waterman.