To begin with, one of the biggest new leases of the year in New York City recently was completed at the Empire State Building, where the Federal Deposit Insurance Corporation (FDIC) leased 102,960 square feet. The FDIC will be moving its New York regional office to the building in 2010.

A New York Observer article quoted an FDIC spokesperson who commented on the lease, saying, "The new location is within walking distance to major transportation hubs, which will lessen the commute time for a majority of our staff. The proposal we received from the Empire State Building was highly competitive."

There also has been substantial activity at One Grand Central Place. Private equity firm Pine Brook Road Partners leased the entire 49th floor and part of the 50th floor, and law firm Vandenberg & Feliu took the entire 51st floor. These leases bring the 2009 total for full tower floor leases there to five. In February, leading public relations firm Gibbs & Soell leased the entire 42nd floor at the property. And in July, less than four months after leading shipping classification society ABS signed a lease for a full floor, Fairfield-Maxwell Services Ltd. (FMSL), a prominent ship management company, leased the entire top-floor penthouse.

"One Grand Central Place has been attracting more and more high-profile tenants, thanks to the execution of our complete repositioning effort and a recently completed $85 million upgrade program," notes Fred C. Posniak, senior vice president of W&H. "These full-floor leases reflect this trend."

Activity remained strong at the other W&H properties as well in the spring and summer seasons. A major international logistics firm expanded its space by an entire full floor at 1359 Broadway, where it now occupies approximately 120,000 square feet. The same firm then leased nearly 90,000 square feet at 1333 Broadway. Also at 1333 Broadway, Gerber Childrenswear, accounting firm Louis Sternbach & Co., and New York Outdoor, Inc., an outdoor advertising service, signed long-term renewals. ReachLocal, Inc., a global leader in local online marketing and the 39th fastest-growing private company in America in 2009, according to Inc. magazine, leased 12,000 square feet on the ninth floor at 112 West 34th Street. And two prominent fashion companies, Williamson Dickies and Gildan, leased space at 1400 Broadway. Law firms Tarter Krinsky & Drogin LLP; Cary Kane LLP; Meyer Suozzi English & Klein, P.C.; and insurance provider The Hawthorne Agency recently signed long-term renewals at 1350 Broadway, with transactions totaling more than 60,000 square feet.

Why are the W&H buildings experiencing a tremendous amount of activity when the commercial leasing market is slower than in previous years?

It's quite simple, says Mr. Posniak. "In a tight economy where some landlords are experiencing major financial difficulties and defaults, tenants and brokers are being extra careful about due diligence. They are narrowing their searches for space to the buildings known for financially-stable, long-term ownership, one of the hallmarks of W&H Properties.

"W&H's financial health isn't the only reason the buildings are attracting high profile tenants and their brokers," Mr. Posniak continues. "Another factor is W&H's reputation for delivering on each and every promise, whether it's in regard to our upgrades, which will exceed $1.25 billion portfolio-wide, 100% of commissions paid upon signings, flexibility, responsiveness of on-site management, or commitment to tenant satisfaction.

"We'll continue to deliver on our promises, no matter what the economy does," he concludes. "So give us a chance to compete for your business, and see why we've attained our positive reputation in the real estate community."

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