2009 Was Record Year for W&H Properties Portfolio, With More Than 1.1 Million Square Feet Leased
January 20, 2010
NEW YORK CITY – W&H Properties leased more space throughout its portfolio in 2009 than in any previous year, announces Anthony E. Malkin, president of W&H Properties.
“This was a rewarding and encouraging year for us,” he notes. “In the course of 2009, we leased just over 1.1 million square feet to credit-worthy tenants.”
Transactions in the record year included full-floor and multi-floor leases to such prestigious tenants as: the Federal Deposit Insurance Corporation (FDIC); Li & Fung USA, Inc., the U.S. arm of Hong-Kong based global trading giant Li & Fung; the design office of Kohl’s Department Stores; ABS, a leading shipping classification society; Fairfield-Maxwell Services Ltd., a ship management company; private equity firm Pine Brook Road Partners; Gibbs & Soell, a leading public relations firm; and law firm Vandenberg & Felieu.
Furthermore, pre-built spaces within the portfolio – often leased before construction was completed – were taken by such tenants as: Federal Express, the French American Chamber of Commerce, Breckenridge Financial, Community Options, Inc., Forex New York, Investors Savings Bank, The Lindsey Group, Paylon Medical Corporation, Tenex Capital Management and Tourmalet Advisors LP.
Retail transactions included leases to Duane Reade for its Manhattan flagship location, Chipotle Mexican Grill, La Maison du Chocolat, and Hospitality Holdings, which will soon open the high-end Empire Room cocktail lounge at the Empire State Building.
“We’re entering 2010 with strength and conviction,” says Mr. Malkin. “By now, the brokerage and tenant communities recognize the standards of W&H Properties: They know that we deliver on our promises, whether those promises relate to our $1.25 billion program of upgrades portfolio-wide or the responsive ownership and on-site building management, and we always pay 100% commissions upon lease signing. Brokers and tenants also know that we have long-term financial strength, which enables us to be flexible in lease negotiations, do deals at market rates and follow through on all of our obligations to tenants and brokers.”
And in regard to product, W&H has clearly differentiated itself in the marketplace, he continues.
“Our Pre-War Trophy Manhattan properties are top quality, with state-of-the-art amenities, and exceptional locations at or near transportation hubs with 24/7 pedestrian traffic,” points out Mr. Malkin. “All of these factors contributed to our record-breaking leasing activity in 2009, and to our increasingly prominent roster of credit-worthy tenants.”
For more information about W&H Properties, please visit
www.whpropertiesny.com or www.malkinproperties.com.