Local businesspeople here have long suggested Westchester stood to gain from its lower rental rates in this regional market. Now with the economy looking sour and companies looking to cut costs, it seems that this deal could mark the beginning of a trend here.
At press time it is not known if Reuters received any financial incentives from Westchester County or New York State to cross the border. Salvatore Carrera, director of Westchester County's Office of Economic Development, could not be reached for comment at press time.
The 10-year lease deal is for the entire top floor (42,541 sf) of the 23-story, 850,000 sf building. Reuters America Information Management Group's lease at 2 Stamford Plaza expires at year's end 2001.
The move, scheduled for the second quarter of 2001, will bring approximately 230 employees from Reuters in Stamford to the new space here. C&W represented the building owner. Insignia/ESG, Cushman & Wakefield and Tishman Real Estate Services represented Reuters in the transaction."Given the access to labor and amenities that Downtown White Plains offers, this is an ideal location. This marks the continued success of Westchester One in attracting tenants that demand high quality infrastructure and efficient floor-plate configuration from their real estate," said Greg Frisoli of C&W.
Joseph Carrera, formerly of Insignia/ESG and now with Cushman & Wakefield, was one of the brokers who represented Reuters in the deal. He was also unavailable for comment at press time.
The lease deal brings the Westchester One building to 80% occupancy. The building's largest tenant is IBM, which occupies approximately 300,000 sf of space. Other major tenants include: Oxford Health Plans (85,000 sf), Rail Europe Group, InSite Services and Blue Sky Productions, which each lease one floor or approximately 42,000 sf. Prodigy and Starwood Hotels and Resorts Worldwide also occupy space at the building, but have announced plans to move out later this year. Prodigy is relocating its operations to Texas, while Starwood is consolidating its space in Westchester to 1129 Westchester Ave. here.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
