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Article: 501 Seventh Ave. reaches milestone.(Brief Article)
- Article from:
- Real Estate Weekly
- Article date:
- May 18, 2005
CopyrightCOPYRIGHT 2005 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Occupancy at 501 Seventh Avenue has reached 99 percent, following The Warnaco Group's third expansion within the building.
"This is a highly significant milestone," says Scott Pudalov, executive vice president of CB Richard Ellis, the building's leasing and management agent. "A little over two years ago, the occupancy rate hovered at about 30 percent. The building has experienced an amazing turnaround."
Mr. Pudalov attributes the increase in occupancy to a change of management in 2003 and a $53 million-dollar capital improvement program, launched in that same year.
"These changes occurred when the building became part of the W&H Properties[TM] ...