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NEW YORK CITY - FedEx, the transportation, e-commerce and business giant, has leased part of the second floor at W&H Properties' 501 Seventh Avenue, announces Fred C. Posniak of W&H.
The tenant will move from One Penn Plaza into its new space in January.
"There is pent-up demand for space at 501 Seventh Avenue, where there has been little availability in recent years," says Mr. Posniak. "Whenever space becomes available, prestigious companies such as FedEx snap it up because the property is widely known as a Herald Square/Penn Plaza neighborhood gem."
FedEx provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. Headquartered in Memphis, Tennessee, with more than 275,000 employees and contractors, the company is consistently ranked among the world's most admired and trusted employers.
Lee Miller of Cushman & Wakefield represented FedEx in the lease negotiations. Jonathan Fales of CB Richard Ellis, the property's leasing and managing agent, represented the landlord.
Located at West 37th Street, steps from Penn Station, 501 Seventh Avenue comprises 18 stories and approximately 500,000 square feet of modern office and showroom space. The building offers convenient access to the Long Island Railroad, New Jersey Transit and Amtrak at Penn Station, Port Authority Terminal, the PATH, 11 subway lines and all major bus lines.
501 Seventh Avenue is the recipient of two prestigious Building Owners & Managers Association New York (BOMA/NY) Pinnacle Awards: Operating Office Building of the Year in 2007 and Renovated Building of the Year in 2006. A $53 million upgrade program that led to the latter included a fully renovated lobby, new elevators and windows, renovated air-conditioned public corridors and restrooms, and upgraded building-wide systems, including state-of-the-art electrical, plumbing, HVAC and security.
Part of the W&H Properties Pre-War Trophy office portfolio, the property is owned by 501 Seventh Avenue Associates LLC, a partnership led by Peter L. Malkin and Anthony E. Malkin, one of New York City’s most financially stable ownerships. W&H Properties is committed to sustainable property operations and development, including energy efficiency, water use reduction, waste and recycling and indoor environmental quality initiatives.
Available space at 501 Seventh Avenue ranges from W&H portfolio-standard high-end showroom and office pre-builts from 1,400 to 4,800 square feet to full floors of 30,000 square feet. A three-level corner retail opportunity is also available, totaling up to 8,400 square feet.
Broker commissions are paid in full at lease signing
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