Seven years after the launch of the W&H Properties brand, the common area and building operations upgrades in our $1.25 billion portfolio-wide upgrade program are substantially complete, with the exception of some minor work in progress at the Empire State Building.

Substantially completing our upgrade program is another example of how W&H delivers on its promises. When we established the W&H brand in 2003, we announced that we would perform top-to-bottom, multi-million-dollar upgrades on every Trophy building in the portfolio.

Over the past couple of years, we have announced the completion of these programs at buildings throughout the portfolio. The most recent completion was at 1400 Broadway, where scaffolding was removed in mid-November. With this project completion, all of our nine Pre-War Trophy Towers now boast restored or new lobbies, renovated building facades and entrances, new windows, renovated air-conditioned public corridors and restrooms, and upgraded, state-of-the-art building systems.

"People are amazed by the transformations," says Fred C. Posniak, senior vice president of Malkin Holdings. "Although the properties already were superbly located and boasted solid pre-war construction, they needed investment to reach their full potential, and that's when we formed the W&H portfolio. The portfolio-wide programs upgraded and modernized them to meet or exceed the high standards of even the most discriminating tenants."

As a consequence, the Pre-War Trophy members of the W&H Portfolio are on the tour lists for prestigious brokers and tenants. The buildings also have received substantial recognition from the real estate industry. For example, several properties have received awards from The Building Owners and Managers Association of Greater New York (BOMA/NY).

The remaining projects to be completed are new corridors and restrooms renovations on new "pre-built" floors at the Empire State Building, which will be completed in phases over the next few years as new spaces are created and new leasing takes place. Most new suites are already on completed corridors with completed restrooms, and are available for viewing today.

"Thanks to the upgrade program, we can now offer the 21st century amenities and technologies that you'd find in glass-box buildings - within elegantly restored Pre-War Trophy structures," notes Mr. Posniak. "To us, our tenants, and the brokers who do deals with us, this combination represents the best of both worlds."