Many Are Calling Lincoln Building New Home

NEW YORK CITY-The Lincoln Building 60 East 42nd St achieved an occupancy rate of 92% for the first half of 2003, with a total of 74 leases signed covering 110,580 sf of office space. Almost half of those leases–35 of 74–were for new tenants. Lease rates in the building range between $30 and $48 per sf.

“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.