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Lincoln building signs 220,000 SF in leases.

The Lincoln Building enjoyed a remarkably successful year in 2001, leasing approximately 220,000 SF for an aggregate rent of more than $61 million, bringing the occupancy rate to 96%, according to Kevin Driscoll, the building's, general manager.

Roughly 122,000 SF was leased to 79 renewal tenants in 2001 and almost 100,000 SF was leased out to 52 new tenants. Driscoll says that 2002 will continue to show strength, partly due to the continued revitalization of the Grand Central district, and also because of the current $30 million renovation of the Lincoln Building. Driscoll also credits the brokerage community for the building's success, adding that brokers will continue to be paid 100% commission on lease signing.

Two new amenities were completed this year - a conference center and a law library. Located in the Madison Avenue Arcade, just off the main lobby, the conference center seats 25 and features high-speed Internet access, teleconferencing capabilities and audiovisual equipment for giving Power Point presentations.

Adjacent to the conference center is a new and improved law library with more than 10,000 volumes and high-speed Internet access. The building has operated a law library for many years, but expanded and upgraded the facility this year as part of the improvement program.

Among other improvements planned or under way are: new windows, new washrooms, a new HVAC system and newer, faster elevator operating systems. New elevator cabs with marble, interiors are being phased in. The new elevator cabs also feature video screens displaying building information stock quotes, weather reports and traffic updates. Newly refurbished public corridors with new carpet, ceiling tile, wall coverings, full-height entrance doors and improved signage are also under way.

Located at 60 East 42nd St., the 55-story Lincoln Building is one of the most prestigious addresses in the Grand Central District, with direct underground access to Grand Central Terminal and several subway lines.

"Among the building's more attractive features are its solid financial strength and its stability, the result of its having been under the same ownership for almost half a century," says Driscoll.
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Publication:Real Estate Weekly
Geographic Code:1USA
Date:Feb 6, 2002
Previous Article:NAREIT indexes turn 30.
Next Article:Leases.

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