"The average vacancy rate for the Grand Central district during that period was 15%, almost double that of the Lincoln Building," notes Brian S. Waterman, Newmark's EVP and principal. "The building's strong performance is attributable to its location, its ownership's commitment to maintaining a Class-A environment, amenities and services and its ability to meet the needs of small to mid-sized tenants."

Executive search firm Cromwell Partners is one of those new tenants. The firm has leased a 7,300-sf office for a 10-year term. "The Lincoln Building is a perfect location for us," says Michael Martinolich, Cromwell's managing director. "And the building is an appropriate setting for our clients and candidates." The firm has conducted searches for such clients as Bank of America, Goldman Sachs, Louis Dreyfus Corp., Morgan Stanley and Deutsche Bank.

Schoeman Updike & Kaufman LLP doubled its space by leasing the entire 40th floor and renewing its lease on the entire 39th floor on a long-term basis. The general practice firm occupies 24,116 sf (two full floors), making it one of the largest tenants in the building."When we realized we needed more space, we looked at other buildings in this neighborhood, but we saw nothing better than what we have at the Lincoln Building," says Charles B. Updike, the firm's managing partner. "The building's location, views and ambiance are ideal for us. Since we're litigators, having direct access to subway lines that will take us to the city's various courthouses is important. And being right across the street from Grand Central Terminal is so convenient for commuters on our staff."