W&H Properties Leases More than Half a Million Square Feet In the First Six Months of 2010

July 19, 2010

NEW YORK CITY – On track for another impressive performance, the nine Pre-War Trophy office buildings in the W&H Properties portfolio leased an aggregate of over 560,000 square feet during the first six months of 2010, announces Fred C. Posniak, senior vice president of W&H Properties.

More than half of the total, or 370,000 square feet, represents new leases and expansions. Renewals account for the remainder.

“2009 was a record year for us, with more than 1.1 million square feet leased,” notes Mr. Posniak. “But now that we have almost 2,000,000 square feet of proposals under negotiation, there is a chance that we’ll exceed that record in 2010. In all cases we are seeing a greater sense of urgency from tenants and brokers alike, and slight improvement in rents and tenant concession packages.”

Transactions during the first six months of the year included full-floor and multi-floor leases to Noven Pharmaceuticals, international haircare and cosmetics firm Ales Group USA Inc., Men’s Wearhouse, the New York State Office of General Services, and the Special Funds Conservation Committee.

In addition, many prestigious firms leased high-end pre-built spaces within the portfolio, such as Northrop Grumman subsidiary AMSEC, LLC; Barsky Ventures, a financial firm headed by former Wall Street Journal writer Neil Barsky; and two media companies headed by television legend Bill Moyers.

There were also several significant retail leases signed during the first half of the year, including T.J. Maxx at 250 West 57th Street, Fragrance Warehouse at One Grand Central Place, and Au Bon Pain at the Empire State Building.

In addition to the high level of new leasing throughout the portfolio, W&H continues to experience a high ratio of renewals as tenants demonstrate their satisfaction with the amenities, services, and stable ownership of the properties, notes Mr. Posniak.

“The last year and a half simply has been outstanding for W&H, even while other Manhattan landlords were facing difficult challenges,” says Mr. Posniak. “This confirms to us that the brokerage community recognizes our financial stability, outstanding locations, flexible leasing process, responsiveness, commitment to sustainability, and product quality.”

For more information about W&H Properties, please visit www.whpropertiesny.com or www.malkinproperties.com.