New York State Office of General Services Leases Nearly 40,000 Square Feet At W&H Properties’ 501 Seventh Avenue

July 27, 2010

NEW YORK CITY – The New York State Office of General Services (OGS) has signed a ten-year lease for the entire eighth floor and part of the ninth floor, a total of nearly 40,000 square feet, at W&H Properties’ 501 Seventh Avenue, announces Fred C. Posniak, senior vice president of W&H Properties.

OGS provides a broad range of support services that facilitate the operations of the state government and that assist local governments, public authorities, public and private agencies. Its services include property management, design and construction, information technology, procurement, and various support services.

Previously, OGS had sub-leased space in the building. “It’s particularly significant to us that OGS decided to sign a direct lease with us after its sub-tenancy,” says Mr. Posniak. “It means that the agency knows first-hand that we deliver on our promises and are committed to tenant satisfaction.”

Jonathan Fales of CBRE represented the landlord in the lease negotiations.

Located at West 37th Street, steps from Penn Station,501 Seventh Avenue comprises 18 stories and approximately 500,000 square feet of modern office and showroom space. The building offers convenient access to the Long Island Railroad, New Jersey Transit and Amtrak at Penn Station, Port Authority Terminal, the PATH, 11 subway lines and all major bus lines.

501 Seventh Avenue is the recipient of two prestigious Building Owners & Managers Association New York (BOMA/NY) Pinnacle Awards: Operating Office Building of the Year in 2007 and Renovated Building of the Year in 2006. A $53 million upgrade program that led to the latter included a fully renovated lobby, new elevators and windows, renovated air-conditioned public corridors and restrooms, and upgraded building-wide systems, including state-of-the-art electrical, plumbing, HVAC and security.

Part of the W&H Properties Pre-War Trophy office portfolio, the property is supervised by Malkin Holdings LLC, one of New York City’s most financially stable ownerships. W&H Properties is committed to sustainable property operations and development, including energy efficiency, water use reduction, waste and recycling and indoor environmental quality initiatives.

Available space at 501 Seventh Avenue ranges from 1,500-square-foot suites to two contiguous tower floors of approximately 25,000 square feet each.

Broker commissions are paid in full at lease signing.