In a release, William Cohen, EVP and principal of Newmark Knight Frank, says the property's long-term ownership, recent $85-million capital improvement program and convenient location across the street from Grand Central Terminal were all considerations for Gibbs & Soell. A partnership led by Peter and Anthony Malkin has owned the 55-story office tower, also known as the Lincoln Building, since 1958.

Gibbs & Soell will relocate from a 15,000-square-foot space at nearby 600 Third Ave., also within the Grand Central District. Asking rents for the 60 E. 42nd space are in the range of $60 per square foot, according to published reports. The agency also has offices in Chicago and Raleigh, NC, as well as affiliated firms in Europe, Latin America and Asia.

Erick Schmall of Studley represented Gibbs & Soell in the lease negotiations. Cohen and NKF colleagues Jonathan Fanuzzi and Ryan Kass represented Lincoln Building Associates LLC, the landlord. The Lincoln Building is part of the W&H Properties portfolio.