Cushman & Wakefield senior director Jay Hruska says that Lotepro Corp. is in the process of moving out of its leased space at the 126,000 sf 115 Stevens Ave., property, which is owned by Mack-Cali Realty Corp.
William DuRie, vice president of finance and administration, says that Lotepro had originally announced plans to relocate and consolidate operations with a sister company (Linde) to Tulsa, OK in July 1999. Since then, the company has completed the relocation except for a skeleton staff of 12 employees who remain at the Stevens Ave. site.
In July of last year, the company had 104 employees. DuRie notes that of the 47 employees who were invited to relocate to Tulsa, just 12 opted to move. Lotepro, a subsidiary of Linde AG of Wiesbaden, Germany, is a process engineering company for industrial gases. The company had been based in Westchester County since 1985 and its lease at the Valhalla property runs until Oct. 2005.
C&W's Hruska says that the brokerage firm has only recently begun to market the property on the sublease market. "We've had a lot of activity on the space in the short time we have been marketing it," he comments. He says that based on the interest shown thus far, he expects the space to lease up quickly.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
