Public corridors throughout the 21-story Garment District site will be redone; there will be a new lobby and entrance, complete with marble floors and walls and a new concierge desk. In addition, the elevator cabs and mechanical equipment will be modernized and the building's mechanical systems will be upgraded to allow for additional electrical capacity. Other items on the to-do list include putting in new windows, new washrooms, a new HVAC system and new mechanical and safety systems. The site will also feature a pre-built space program that includes new ceilings, lighting and flooring and for what W&H calls "highly-efficient space layouts."

The renovation, which is expected to be completed by the end of the year, comes on the heels of two major lease signings. First up, vertical software company i-Deal inked a long-term deal for 46,000 sf of space at an asking price of $35 per sf. And Redeemer Presbyterian Church will move its offices from different floors at 271 Madison to 23,000 sf, which represents the entire floor. Newmark & Co. serves as the managing and leasing agent for the site. Eric Yarbro, senior vice president at CB Richard Ellis, repped the church in the negotiation process.

"Redeemer was attracted by the opportunity to lease a large block of space in a building about to undergo a major restoration," Yarbro says, adding that they also liked the fact that they will be able to house all their offices and operations on one floor, as opposed to five in their current location.