RFR Holding LLC Rededicates Lever House to New York's Business Community

February 1999

NEW YORK, NY -- RFR Holding LLC, one of Manhattan's fastest growing commercial real estate owners, has officially rededicated Lever House, the 21-story landmark office building at 390 Park Avenue located on the entire westerly blockfront of Park Avenue from 53rd to 54th streets in Manhattan. RFR, headed by Aby Rosen and Michael Fuchs, purchased the leasehold on the property from Unilever in late 1998.

Manhattan Borough President Virginia Fields; Comptroller Alan Hevesi and Jennifer Raab, Chairwoman of the Landmark Preservation Commission, were among the distinguished guests who joined hundreds of the city's top real estate brokers and executives at the recent dedication event held at the Lever House.

The 21-story office tower, designated as a landmark in 1982, was built in 1952 specifically for a single user, Lever Brothers Company. Now, with Unilever USA occupying only a small portion of the building, the new owner plans to reposition the property for multi-tenant use.

RFR plans to implement a $30 million capital improvement program to upgrade the 290,000 square foot property. Plans include creating a club-type atmosphere featuring an elegant first-class restaurant with outdoor dinning and private club rooms. The ground floor will be used for art shows, beginning with a current exhibit showcasing the works of Alexander Calder.

"This office tower is in one of Manhattan's choicest locations and offers a unique vertical layout with excellent light and views, making it extremely attractive for high-end, full-floor corporate space users," stated Mr. Rosen. "By upgrading the building's mechanical and electrical systems and rewiring the property with the latest technology, we will create a landmark that will be ready for the new millennium."

"We're not going to be bashful about the rent, because of the uniqueness of the asset," said Bruce E. Mosler, executive director of Cushman & Wakefield, the leasing agent for the building. "We expect to get rents around $75 per square foot."

Designed by Skidmore, Owings & Merrill, the building consists of a sheer tower rising from a large horizontal base. The tower's glass facade of windows on all four sides and floorplates of approximately 10,000 square feet allow for maximum light and exposure. The building's dramatic design make it ideal for corporations looking for a high visibility presence on Park Avenue. The property also consists of a 63-space below-ground parking garage.

Thirteen individual tower floors of 10,200 square feet are now available at Lever House. For leasing information, call Bruce Mosler at 841-7637.