The capital improvement project will cost $30 million and is already underway. Upgrades will be made to the corridors, elevators, bathrooms and the law library available to tenants. Façade work is also underway, as is the installation of an enhanced security system and the construction of a 25-person conference room for tenant use in the Madison Avenue Arcade. The building currently features direct underground access to Grand Central Terminal and several subway lines.

"In addition, we pay real estate brokers 100% on lease signing, so we have full cooperation with the real estate bokerage community," notes Kevin J. Driscoll, the building's manager, in a written statement.

Spokespeople for the building's ownership conclude that what makes the building attractive to tenants is it "solid financial strength and its stability." They direct particular attention to the fact that it has been under the same ownership for more than 40 years.