|
NEW YORK CITY - Gibbs & Soell, one of the largest independent public relations agencies in the United States, has leased the entire 44th floor of W&H Properties' 60 East 42nd Street, announces William Cohen, executive vice president and principal of Newmark Knight Frank, the property's leasing and managing agent.
The tenant will relocate its headquarters to the 12,724-square-foot space from its current location at 600 Third Avenue in May or June.
"Gibbs & Soell was drawn to the long-term, strong financial track record of the building's ownership, the results of the recent massive $85-million upgrade program, and the exceptionally convenient location directly across from Grand Central Terminal," says Mr. Cohen. "It's an ideal environment for a top-tier business."
Founded in 1971, Gibbs & Soell has full-service offices in Chicago and Raleigh, in addition to its Manhattan headquarters. The agency has affiliated firms based in Europe, Asia and Latin America.
Erick Schmall of Studley represented Gibbs & Soell in the lease negotiations. Mr. Cohen represented the landlord, together with Jonathan Fanuzzi and Ryan Kass of Newmark Knight Frank.
60 East 42nd Street, with 55 stories, is one of the most prestigious addresses in the Grand Central District. It offers direct underground access to Grand Central Terminal, as well as to the 4, 5, 6, 7 and Times Square shuttle subway lines.
The property's recently completed upgrade program includes new windows, renovated elevators, renovated air-conditioned public corridors and bathrooms, and upgraded building-wide systems. The building also features a tenant conference center, messenger center and a law library.
Part of the W&H Properties portfolio, 60 East 42nd Street is owned by Lincoln Building Associates, L.L.C., a partnership led by Peter L. Malkin and Anthony E. Malkin. "The building has been under the same solid ownership for over half a century, which gives it the financial stability that is one of its most attractive features," says Mr. Cohen.
Available space at 60 East 42nd Street ranges from partial floors of 1,200 to 8,000 square feet to full floors of 9,500 to 47,589 square feet.
Broker commissions are paid in full at lease signing.
|
