Hiro extends ownership position at 150 E. 42nd

Real Estate Weekly, May 29, 1996

"We are delighted to have extended our leasehold ownership of 150 East 42nd Street, the center of Manhattan's prime business district," said Frank V. Ward, COO of Hiro. "Our transaction with the Goelet Family, the land owners of 150 East 42nd Street, demonstrates our ability to satisfy the needs of tenants seeking stable ownership."

Hiro acquired the leasehold of 150 East 42nd Street (formerly known as the Mobil Building) in 1987, in a transaction which conveyed control of the property through the year 2013. The new lease extends Hiro's leasehold ownership for an additional 15 years.

Major Capital Improvement Program

In tandem with the execution of its new lease, Hiro also unveiled its plan for a major renovation and capital improvement program. The program, designed by Fox & Fowle Architects, will begin immediately.

As part of the capital improvement program, an extensive modernization of the building's elevator systems is underway. The lobby and main entrance are also to be refurbished. On the technical side, mechanical systems will be replaced by state-of-the-art systems.

Hiro has appointed the Edward S. Gordon Company (ESG) as exclusive leasing and managing agent. Stephen B. Siegel, president of ESG, said "Hiro's lease extension and capital improvement program positions 150 East 42nd Street as a unique opportunity for tenants seeking space in the Midtown market."

The property which offers 1.6 million square feet of first class office space on 42 floors, is one of the few Class A office buildings which can provide a large block of contiguous space. Leases totaling more than 500,000 square feet are currently under negotiation.