New Management, Leasing Contracts for Five Malkin Buildings

NEW YORK CITY-A recent court decision allowing Wien & Malkin to terminate Helmsley-Spear’s management and leasing contracts at several Manhattan office properties is just the thin end of the wedge, sources close to the situation tell GlobeSt.com. More shakeups are in store, including a changing of the guard at the Empire State Building.

Meanwhile, Malkin has split up management and leasing duties at five now-unencumbered properties among the city’s three key firms, with Cushman & Wakefield getting the lion’s share of the business. C&W will manage and handle leasing at the 435,000-sf Fisk Building, 250 W. 57th St., and the two-building, one-million-sf International Toy Center, located at 200 Fifth Ave. and 1107 Broadway.

Insignia/ESG snagged the leasing and management contracts for 501 Seventh Ave., a 430,578-sf office tower at the northeast corner of 37th St. Newmark & Co. will take the reins at the Lincoln Building, a 55-story, 1,116,680-sf office property at 60 E. 42nd St.