The massive capital improvement program for W&H Properties' office building portfolio is entering its final stages in the Lincoln Building, 250 West 57th Street, 501 Seventh Avenue, and 1359 Broadway.
Our program, a more than a quarter-billion-dollar investment to date, will also involve each building that joins the W&H Properties brand in the future. It is the delivery on our commitment to make W&H buildings a uniformly top-of-the-line portfolio stand-out among Manhattan office properties. Each building enjoys a great location, with excellent access to transportation, and we are maximizing these advantages by transforming these well-constructed, attractive pre-war buildings into thoroughly modern facilities with all available amenities, competitive with anything on the market.
We are delighted to announce that, with the help of our agents, we have been able to minimize inconvenience to our tenants, an unavoidable by-product of large-scale improvements. Most important: If you have not been to these properties in the last three or four months, you must come visit to see the finished products!
At The Lincoln Building, we are nearing the end of a $55 million improvement program. Already completed are our stunning Italianate lobby, with new security turnstiles, two concierges to greet and process visitors quickly, and messenger center. Fully replaced or nearing completion are the building and tenant space HVAC, new and faster elevator operating systems, new elevator cabs with marble interiors, new windows, and refurbished corridors and bathrooms. Elevators now feature video screens presenting news and weather reports, stock quotes, traffic updates and building information. The building also contains a tenant conference center and a law library. The popularity of the building's pre-builts continues, as companies welcome the avoidance of hassle and delays by leasing all-new units in move-in condition, with highly efficient space layouts.
At 501 Seventh Avenue, the $60 million upgrade is virtually complete. Its impact has dramatically propelled occupancy from 30 percent to 99 percent in the two years since this 460,000-square-foot building was added to the W&H portfolio. The renovations include new heating and air conditioning systems; a new lobby, roof, elevator cabs, corridors and bathrooms, and upgraded mechanical systems. A highly successful program of pre-built suites has also made an important contribution to the soaring occupancy rate. The building has attracted a mixture of first-class garment tenants and office users, including The Warnaco Group (the largest tenant), which has steadily expanded its space, to a total now of 185,000 square feet.
Our other building in bustling Times Square South, featuring incredible light and air and views of Herald Square, is 1359 Broadway, which is also enjoying a surge in leasing, spurred by its $54 million improvement program. More than 100,000 square feet of new transactions were recorded during the second quarter in the 421,000-square-foot building, highlighted by Li & Fung USA's lease of 94,250 square feet on four full floors plus the penthouse. The renovation work here is entering its closing stage. Immediately evident is the handsome new marble lobby, with its arched entrance and gorgeous multi-tenant corridors. The program also encompasses a new HVAC system; new windows, elevator cabs and restrooms; newer, faster elevator operating systems; and upgraded electrical systems. Here, too, our high-end pre-builts have to be seen to understand why they are being leased so fast.
At 250 West 57th Street, our dramatic improvements to the building parallel the transformation of the Columbus Circle/Lincoln Center South area into one of the city's most exciting neighborhoods for both business and culture. The $35 million program, which we expect to complete by year-end, has resulted in an office facility that is modern in every respect, yet its classic architecture has been preserved, refreshed and enhanced to honor its historic aspects. The lobby, for example, reflects the style and charm of the early 1920's, when it was created, but with tasteful modern touches. It preserves the original marble walls and terrazzo floors and introduces such Old World features as pilasters, ceiling coffers, pendant lighting and detailed moldings. A new canopied entrance is visible from the street, and a new concierge desk greets tenants and visitors. A renovated subway entrance has just been completed. Renovations also include a new HVAC system, new elevator operating systems and cabs, new windows, upgraded electrical systems and refurbished corridors.
Remember... if you have not visited these buildings recently, you are in for a surprise. If you have any questions about our renovations program, please don't hesitate to contact your building manager. We hope that all of our tenants are enjoying the results of the improvements - now, and for many years to come.