Newmark team hailed for working midtown magic.

Earlier this year, a select four-person team from Newmark was given the task of bolstering occupancy at the newly renovated class A office tower at 489 Fifth Avenue.

The team, comprising Newmark Executive Vice President and Principal Scott Klau, Senior Managing Director Elizabeth Houley, Managing Director Erik Harris and Jeffrey Roseman, executive vice president of Newmark Retail, engaged in an aggressive marketing campaign, which has resulted in an occupancy rate of 98 percent at the 166,000 s/f building.

"They've done a wonderful job," said Morry Kalimian, partner at Elk Investors, which owns the building and recently relocated its base of operations to the facility. Prior to the efforts of the Newmark team, Kalimian said the 34-story facility "had a number of floors available." Added Houley, "It's a fabulous building, offering amazing views of the New York Public Library,."

The marketing campaign focused on the building's strengths including its Midtown location, which also offers views of Bryant Park from its upper floors. Capital improvements to common areas helped boost tenant interest as well.

According to Kalimian, only the 4,600 rentable s/f top floor and a 2,500 s/f prebuilt unit remain available.

New tenants include Philips Electronics North America, Casimir Capital, a division of Sands Brothers & Co., Winnercomm, Inc., which does post production work for ESPN, Sun Glass Products Inc., Inverness Management LLC, Lida Baday and CBS Sportsline.com. In addition, Westwood Capital is expanding within the building.

Meanwhile, Quadriga Capital's first New York location now anchors space on the ground and mezzanine levels of the building in a transaction arranged by Roseman. That space had recently been expanded through the extension of the front facade onto Fifth Avenue, a move intended to distinguish the building from surrounding facilities at its Midtown location. "This is Quadriga's first retail location," Roseman said of the financial services provider, which was represented by Winslow & Company in the transaction.