Office Trophy Gets $53-Million Makeover

NEW YORK CITY-W&H Properties has launched a $53-million capital improvement program at its 400,000-sf 1350 Broadway, a trophy office tower in the Penn Plaza District. The renovations underway include a new lobby, renovated elevators, air-conditioned public corridors, and restrooms, along with upgraded building systems.

Jonathan Fanuzzi, managing director of Newmark Knight Frank, the building’s managing and leasing agent, tells GlobeSt.com that the improvement program will have minimal impact on the tenants. The building is currently 86% occupied.

Fanuzzi says that the rent has increased dramatically over the past 12 months with the promise of completing the program and “should continue to grow.” He adds that the program should be complete by July 2009.