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Lincoln Building Successfully Commanding Higher Rents

NEW YORK CITY-Rent at the office building located in the Grand Central District has jumped by about $19 per sf on average, due in large part, according to its general manager, to the $30 million capital improvement project underway.

By Amy Vaughn | Updated on January 04, 2001

NEW YORK CITY-The Lincoln Building has emerged in the new year with 55 signed leases in the recent renewal period with rents jumping from an average of $31 per sf to about $50 per sf. More than 65,000 sf was leased in the office building located at 60 East 42nd St. in the Grand Central District. The general manager credits the strong office market and a capital improvement project with the leasing success.

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.

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