Anthony E. Malkin (seated at left) joins Brian Dockray (seated at right), chief financial officer of I-Deal, and Newmark's Brian Waterman (standing at left) and Michael Frantz (standing at right) in I-Deal's conference room at 1359 Broadway.

The Background

One morning, a meeting of the Newmark management and Wien & Malkin supervisory teams on 1359 Broadway was interrupted by a phone call. The leasing team for 1359 was awaiting the arrival of the CEO and the CFO of I-Deal, a prospective tenant. The pair was on a tour of several buildings for a space need that seemed perfect for two floors of 1359. At the time, 1359 Broadway's management had just transitioned from Helmsley-Spear to Newmark. While planning for a total upgrade was underway, 1359 was 40 percent occupied and completely unimproved.

The Showing

On the speakerphone, the broker stated, "We're up against two class A trophy properties, but our building's architecture, location, identity and this space would be great for the prospect. This is a great company that would kick-start our leasing, but we need to convince them that we will do the upgrades to the building we say are going to do. It would make a big difference if someone from ownership could be there. Can one of the Malkins join us?" he asked. To Anthony E. Malkin, the choice was clear-cut. Malkin direct involvement had been decisive in bringing to fruition the Warnaco and LISC transactions, which kicked off the transformation of 501 Seventh Avenue. "Tell me where to meet you," he answered. "This is a priority." Apologizing to the attendees, he left his notes on the conference room table and headed off on foot from The Lincoln Building to 1359 Broadway.

Mr. Malkin joined the leasing team at the building, met the I-Deal executives and their brokers, and led them on a building tour. He explained the plans for upcoming renovations and infrastructure upgrades. He described the new lobby and elevators, the increased electric service, and HVAC. "The first summer job for which I wore a tie was as a space shower in The Lincoln Building. More than 20 years ago at the Empire State Building, I canvassed competing buildings for tenants, knocking on doors and leaving business cards," says Mr. Malkin. "My father and I take a personal interest in the tenants of W&H buildings. I have put a tremendous amount of personal effort into branding our portfolio and making the buildings meet the promise of the brand. 1359 needed its first new tenant, and if this tenant's CEO and CFO were going to be there, so was I.

1359 Broadway

"I wanted to do whatever it took to persuade them that 1359 was the right choice for their business," he adds. "I-Deal is a leading company in the sector of financial information services. Our strategy for this building is to take it from Garment Center has-been to multi-use gem. This is the sort of tenant we want and have been attracting to the W&H Properties office portfolio."

The Outcome

I-Deal was impressed with the building, the strong ownership, the on-site management and the responsiveness of Mr. Malkin. "An important part of securing I-Deal was the landlord's willingness to become involved – and stay involved," says Michael Frantz, director of Newmark. "I know that Tony's availability and eagerness to work with the tenant made a big difference."