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| The Fisk Building |
Among the important office buildings lining 57th Street in Manhattan,
few are graced with a history as colorful and distinguished as that of
the Fisk Building.
When Lawrence A. Wien assembled a partnership to purchase the
architecturally notable structure in 1952, it already had played a
highly visible role in the growth of two signature American industries:
automobiles and entertainment.
Today, under the continuing guidance of Wien & Malkin's Supervisory
Services, the Fisk Building, at 250 West 57th Street, is being
refocused and repositioned. Building enhancements and aggressive,
organized marketing are helping it take maximum advantage of
traditional 57th Street uses and a powerful transformation in its
Columbus Circle district.
Cushman & Wakefield (C&W), one of the world's largest
real estate service firms, has been brought in as new managing and
leasing agent, as a more than $20 million modernization and enhancement
program nears completion.
"The repositioning of the Fisk Building is a classic example of
the Wien & Malkin commitment to long-term ownership and continual
value enhancement," observes Anthony E. Malkin, senior director of
supervisory services for Wien & Malkin and president of W&M
Properties. "As our investors begin their second half-century of
ownership of this sterling property, we're proactively taking steps to
ensure the building will enjoy the maximum benefits of its changing
environment."
The half-million-square-foot Fisk Building - named for what was
then the Fisk Rubber Company, a major tire manufacturer - was built in
the early 1920s in close proximity to several of the city's cultural
treasures, including Carnegie Hall, the American Fine Arts Society
building and the beautiful Osborne Apartments, now a national landmark.
Combining elements of Greek Revival and Renaissance style, the 26-story
block-long structure, with elegant ground-floor showrooms, quickly
became a centerpiece for the burgeoning auto industry, with the
headquarters of General Motors nearby.
"With Time Warner's new world headquarters rising only a block away,
interest in 250 West 57th Street is gathering momentum," says Barry
Zeller, senior director of C&W, in charge of the Fisk Building.
"The capital improvements, along with our marketing strategy directed
to leading brokers and credit-worthy tenants, are bringing 250 West
57th Street into the spotlight in Columbus Circle."
Stretching from Broadway to Eighth Avenue along the wide 57th
Street corridor, the Fisk Building - in Mr. Zeller's view - "is at the
crossroads of the new West Side. It's in the heart of a district that's
attracting worldwide attention."
George Fabian, the building's general manager, says the renovation will
be completed in early fall. The improvements include a remodeled lobby
with a new security desk, new entry doors, improved air conditioning,
upgraded flooring, and a computerized directory; ten new elevator cabs
with marble paneling; new operable thermal pane windows throughout the
building, new carpeting and the addition of air conditioning for the
corridors.
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| A |
Carnegie Hall |
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D |
CBS Broadcast Center |
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| B |
AOL Time Warner |
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E |
Lincoln Center |
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| C |
Plaza Hotel |
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NYC Subway Lines |
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On some floors of the building, hallway labyrinths are being reworked
into rentable space to create a more efficient floor-plate to
accommodate medium-sized tenants. Already one such former hallway space
has been transformed into a site that houses the largest new office
tenant signed in the building in recent years (see RZO lease, below).
And uniform signage is being developed for the building's
fully-occupied 28,000 square feet of street-level and second-floor
retail space, of which Chase Bank is the largest tenant. Ê(Additional
retail/storage space is located below street level.)
In addition, Mr. Fabian notes, 250 West 57th Street has its own
subway entrance, which also has been extensively refurbished. The
entrance leads commuters to the Columbus Circle station, one of the
city's busiest, with eight subway lines.
By the time the Fisk Building was acquired by Mr. Wien's
partnership, a transformation from the auto industry had taken place on
the West Side and the building had become populated predominantly by
the entertainment industry and related businesses. Many well known
personalities office there, including the NBC Today Show's Al Roker,
who bases his production company at 250 West 57th Street.
As an indication of the Fisk Building's ongoing cachet in the
entertainment world, RZO, a firm known around the world for business
services to singers and musicians, leased a 12,000-square-foot office
this year. RZO's international client roster includes the Rolling
Stones, Madonna, U2, Sting and Sheryl Crow.
"Several factors contributed to RZO's decision to choose the
Fisk Building," says Mr. Zeller. "The building's reputation and
comprehensive modernization, combined with the proximity of Time Warner
and Hearst, and the growing reputation and appeal of West 57th Street,
all add up to a very potent combination."
To capitalize on those factors, C&W is making use of its extensive
international relationships as part of a vigorous outreach program.
"We're emphasizing the West 57th Street address because that's where
the recognition will be in the international community," Mr. Zeller
explains. "Our message is: 'come join us at the crossroads of New
York's most vibrant and diverse business district, where not only
Carnegie Hall, but Lincoln Center and Central Park are just up the
street.' Few buildings have the location, history, character, and all
the modern amenities of the Fisk Building."
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