THIS FALL THE brokerage community was introduced to our new brand, W&H Properties - properties committed to providing brokers and tenants a new standard of service, with the experience and knowledge to execute and perform.
Each building in the W&H portfolio has been carefully repositioned to perform for the businesses that are vital to the Manhattan market-place. And each building shares key ingredients to reach a new level of achievement.
The W&H portfolio is situated in vital, enduring submarkets of New York City, with exceptional access to transportation. In fact, four W&H Properties offerings provide tenants direct in-the-building access to multiple subway lines. The Lincoln Building is connected to Grand Central Terminal by a walkway under 42nd Street; 501 Seventh Avenue and 1359 Broadway are midway between Grand Central Terminal and Penn Station, and The Port Authority Bus Terminal; and 250 West 57th Street has newly-renovated direct access to the A, B, C, D, 1 and 9 subway lines, and is one block from N and R lines.
Tenants, whether they are large firms or solo entrepreneurs, require facilities that are updated to meet the demands of 21st Century commerce. The entire W&H portfolio is now in various stages of an enhancement program that will include more than $150 million in renovations. New and restored lobbies, elevator cabs, windows, multi-tenant corridors and rest rooms, pre-built spaces, upgraded building systems, and high speed broadband are just some of the changes taking place.
For example, while the Lincoln Building is nearing completion of its top-to-bottom upgrade, 1359 Broadway is in the middle of planning for a more than $40 million dollar capital improvement program, slated to start in 2004.
W&H Properties' priority is to be a responsive, tenant-focused, quality landlord. To meet this goal, we hired CB Richard Ellis, Cushman & Wakefield, and Newmark to provide continuous top-quality service. Tenants are entitled to superior work places and the responsive building management necessary to conduct productive, profitable businesses, and brokers are entitled to the easiest deals possible.
W&H is committed to putting the needs of tenants and the brokerage community first, and we have the financial backing to provide the very best service through any business cycle. We offer swift service, turnkey leasing, and superior pre-built spaces, build-to-suit opportunities, and raw space prepared for tenant installation. In addition, free preliminary architectural and engineering services are provided across the portfolio.
It is W&H Properties' mission to help brokers get deals done and keep their clients happy. We have paid over $5 million in commissions on lease signings in the last 12 months alone, and still have more than $8.2 million in commissions to pay on signing. Each day we provide opportunities for brokers to show space and close deals. No appointment is ever necessary. The same lease form is used in all buildings.
The success of your business is our business. That's our commitment. That's a promise. W&H Properties. We perform for you.