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Publisher Quadruples Space at Malkin’s REIT-Bound 250 West 57th Street

Although the tower doesn’t sport a LEED or an Energy Star label – yet – we think it’s important to note a recent deal at Malkin Properties’ historic 250 West 57th Street. Located between Broadway and Eighth Avenue, the 26-story building recently underwent an $82 million capital improvement program and is part of the group of buildings which Malkin plans to package into its REIT later on this year. Like the other properties in Malkin’s Trophy Pre-War portfolio, it will presumably apply for an Energy Star award in 2012.

But back to the deal: named 2007′s publisher of the year by Publisher’s Weekly, the Perseus Book Group is consolidating its various office locations across Manhattan into a new, full-floor 26,000-square-foot space on the 15th story of the 535,000-square-foot 250 West 57th Street. The publisher had already been leasing 6800 square feet at the building; the asking rent for the new space was $54 per square foot. Perseus will complete the consolidation and relocation in July.

Malkin is strategically repositioning 250 West 57th Street- which has direct in-building access to the Time Warner Center/Columbus Circle subway station and the A, C, B, D and 1 trains – away from large numbers of small, 400- to 500-square-foot leases, many of which belong to tenants in the entertainment business. Indeed, Perseus will be its first full-floor tenant (other than existing retail). The retrofit program at 250 West 57th Street included a new lobby, renovated elevator cabs, new windows, renovated air-conditioned public corridors and restrooms, and upgraded building-wide systems, including state-of-the-art electrical, plumbing, HVAC, and security.

Built in 1921, 250 West 57th Street was originally known as the Fisk Building, named for the Fisk Rubber Company, which manufactured tires. The block-long, Greek Revival/Renaissance-style building’s ground-floor showrooms – located across the street from General Motors’ former headquarters at the Argonaut Building – helped bring the fledgling automobile industry to Broadway.

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