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George Fabian
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For 250 West 57th Street, a real reward for existing and new tenants is its nearly complete and transforming upgrade program. As the new Time-Warner, Random House, and Hearst headquarters come on line, 250 West 57th drives into the future while remaining strongly connected to the wellknown names of its past.
The building continues to host long-time tenants - some who are third generation. As well, it is now attracting important new tenants. Nowhere is that more evident than in the recent arrival of entertainment management firm RZO, LLC, which took 12,000 square feet late last year to become the building's largest tenant.
"Because we're finding ways to make our floor plans more efficient by consolidating unused or underused areas, we are now able to offer larger blocks of space," says George Fabian, resident leasing director. "With the building's location on 57th Street, between Carnegie Tower and Time-Warner Center, the increased interest from major names in the media and entertainment industries is a natural."
Mr. Fabian says he "welcomes the challenge of doing new deals with strong industry leaders. Seeing the extremely positive reaction to our upgraded lobby, elevators, and common areas and our pre-builts makes you realize how important these changes are, and how much the market is hungry for our location and what we have to offer."
In his years in the business, Mr. Fabian has seen many shifts in the city's real estate market. He says the fact that the buildings in the W&H portfolio today meet the most exacting demands of thriving and innovative companies demonstrates the value of location and the adaptability of these historically and architecturally important properties.
"The real proof is signing leases with tenants brought by brokers who have never set foot in the building before," he observes. "We are marketing aggressively and telling everyone how we have re-invested in the property. Those things are being done throughout the W&H portfolio. Ownership has invested in the properties at the right time to keep the buildings competitive, and brokers and tenants are very impressed with how our buildings can satisfy their needs, and how hard we work to conclude a transaction."
The leasing director adds that brokers and tenants have definitely seen a difference since the arrival of Cushman & Wakefield as managing agent of 250 West 57th.
"They've noticed greater attention to planning and sharper responsiveness," he says. "There's also been a great deal of effort in ensuring that what we offer is in keeping with the standards set by W&H."
Mr. Fabian says what is really important is that brokers and their tenants come to visit the buildings and see what W&H has to offer. "All we ask from the brokers and tenants who are looking for space is that we get a chance to compete."
