Pipeline owns New York City-based Pipeline Trading Systems LLC and operates the Pipeline Alternative Trading System, which enables institutions and brokerage firms to quickly and efficiently trade blocks of NYSE-listed companies, Nasdaq stocks, ADRs, and Exchange Traded Funds. A source close to the deal tells GlobeSt.com that although they cannot disclose the aggregate value of the leases, they did say that the latest average asking rent for the building is $75 per sf.
The source explains that Pipeline had several spaces at the Lincoln Building prior to the expansion; totaling 13,561 sf. Pipeline renewed 6,799 sf and renewed a 6,762-sf lease, both for a total of eight years and seven months. Pipeline also signed a new lease for 7,644 for 11 years and a 3,760-sf lease for 10 years and 10 months, the source reveals.
"We've been extremely pleased with The Lincoln Building," says Douglas Patterson of Pipeline in a statement. "The location is unbeatable. We have employees commuting from many different areas, and Grand Central is easily accessible for everyone. It's also a big plus being able to avoid bad weather by using the underground entrance to the building, direct from subways and commuter trains. Furthermore, throughout our tenancy, building management has been exceedingly responsive and committed to meeting our needs."
Brian Waterman, EVP of Newmark Knight Frank, the property's managing and leasing agent, negotiated the expansion, along with Jonathan Fanuzzi and John Sinon of Newmark. Haver Analytics, which first moved into the building in 1998, signed an early renewal for its full tower floor of 12,041 sf. The firm specializes in database and software products for economic analysis and business decision-making, and maintains more than 150 economic and financial databases from over 550 government and private sources. Michael Burlant of Cushman & Wakefield represented Haver Analytics in the lease negotiations.
"In today's tight market, with its limited availabilities and increasingly high rents, it makes a lot of sense for tenants to renew early," Waterman notes. "From W&H's perspective, it also makes sense to retain good, credit-worthy tenants. In short, both parties benefit."
The Lincoln Building's recent enhancements include new windows throughout the building; new washrooms; a new HVAC system; newer, faster elevators; new elevator cabs with marble interiors; and refurbished public corridors and bathrooms. The new elevator cabs feature video screens displaying building information, stock quotes, weather reports and traffic updates. The building also features a tenant conference center and a law library. An additional $12 million has been allotted for further enhancements.
Part of the W&H Properties portfolio, the Lincoln Building is owned by Lincoln Building Associates LLC, a partnership led by Peter Malkin. "The building has been under the same solid ownership for over half a century, which gives it the financial stability that is one of its most attractive features," Waterman says. Available space at The Lincoln Building ranges from partial floors of 1,200 to 10,000 square feet to full floors of 11,845 to 47,589 sf. Retail opportunities are available in the lobby arcade, with spaces ranging from 244 to 728 sf.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
