Lincoln Leasing Flurry Totals More Than 120,000 SF

NEW YORK CITY-An in-process $80-million capital improvement program and a influx of pre-built suites prove to be the impetus for yet another leasing spell at the 55-story Lincoln Building–as more than 120,000 sf in new leases and renewals with an aggregate rent value in excess of $25 million are inked. In August of last year, the 60 East 42nd St. site was up to 92% occupancy and a total of 74 leases were signed covering 110,580 sf. Lease rates in the building range between $30 and $48 per sf.

The site, which is directly across from Grand Central Station, had new leases totaling more than 57,000 sf and renewals of over 63,000 sf. And, according to Brian Waterman, executive vice president, Newmark & Co., which is the building’s managing and leasing agent, 80% of tenants whose leases were up for renewal elected to remain.

To date, $30 million of enhancements have been completed, including new windows throughout the building, new washrooms, a new HVAC system, newer, faster elevator operating systems, new elevator cabs with marble interiors and refurbished public corridors and bathrooms. The building also features a tenant conference center and a law library.