Renovated lobby at 501 Seventh Avenue.

The total commitment for the five W&H properties will exceed $250 million. Program objectives include building system upgrades, new windows, and renovated public corridors, bathrooms, elevators, elevator lobbies, and building entrances.

As industry veterans, W&H ownership and its leading property managers understand the need to upgrade buildings in both strong and weak markets. Because of W&H's solid financial standing, we are in a position to implement a large-scale improvements program. We want to keep our existing tenants satisfied and create a variety of space offerings at different locations to attract a wide range of office and showroom users.

In the Times Square South area, for example, 1359 Broadway is undergoing a total capital improvement that's budgeted to cost $54 million. We're working around tenants in place and signing new leases. It's a big job to upgrade the systems and amenities of a 421,000-square-foot, 22-story building, especially with many tenants in occupancy, but we're committed to completing the project as quickly as possible.

The renovated 1359 Broadway should appeal to law firms, not-for-profit organizations, software companies and others seeking efficiency of space and lots of light Ð each floor features windows on all sides Ð who will join two such tenants who recently signed leases for a combined three full floors. All tenants will enjoy a virtually new building from wall to wall and top to bottom, with a handsome marble lobby and an arched entrance that follows the original design, in addition to the other planned improvements.

A similar renovation program, to which W&H allocated over $50 million, has transformed the nearby building at 501 Seventh Avenue. Improvements here include new heating and air conditioning systems, upgraded mechanical systems, and new lobby, roof, elevator cabs, corridors and bathrooms.

The 460,000-square-foot building, which caters to the needs of both traditional garment industry tenants and office users, has added pre-built office spaces to its range of options. The commitment to undertake such an all-encompassing overhaul raised occupancy rates to more than 90%. Now that the successful round of renovations is complete, 501 Seventh Avenue will serve as a model for the renovations at 1359.

Renovations at the Lincoln Building, across from Grand Central Terminal, have also been successful. As a result of a $30 million commitment, the tower now features state-of-the-art building systems; new windows, public corridors and bathrooms; a renovated building lobby with turnstile security; and a messenger center. In addition, it has a law library and conference center available to the large number of law firms and other professionals that make their home there.

Pre-built suites ranging from 1,500 to 3,500 square feet are a feature of the building that's proved popular with the target market, and as new suites come on line, prospects come on board. All pre-built spaces contain new ceilings, lighting, and flooring with highly efficient space layouts. Many of these spaces are leased before construction.

The situation at 250 West 57th Street is similar, but here the target tenants are media and entertainment businesses eager to join the large number of existing tenants that represent these industries. Both new and existing tenants can enjoy the results of a $30 million capital improvement program that recently concluded at the building. Renovations included new windows, elevator cabs, upgraded building systems, refurbished public corridors, and a new lobby and subway entrance.

With Hearst, Random House and the Time Warner Center in the area, this is a hot neighborhood. And the pre-built suites of 1,100 to 2,650 square feet, prime features of the upgrade program at 250 West 57th, are proving to be very appealing. As in the Lincoln Building, these spaces feature new ceilings, lighting and flooring, along with highly efficient space layouts.

The International Toy Center, consisting of the two connected buildings at 200 Fifth Avenue and 1107 Broadway, has worldwide cachet as the epicenter of the children's entertainment industry. But that doesn't mean W&H is complacent about its standing in the marketplace.

W&H recently completed a $27,000,000 capital improvement program at the Center, including the renovation of all corridors and restrooms, new air conditioning, new boilers, new roofs, facade renovation and electrical upgrades.

The ITC has also created pre-built showrooms of 1,501 to 4,500 square feet for tenants looking for year-round sales opportunities, including a presence at the various seasonal industry shows. Each pre-built showroom includes an office, conference room, slat wall, carpet, lighting and a glass door entrance. Fully demolished "white box" spaces are also available for tenants who want customized build-to-suit premises.