Brickman acquired the building, located on the border of Westchester and Fairfield County, Connecticut, in late 1999. Since then, the firm has invested more than $5 million in capital improvements on the property. Recently, Brickman has shifted its marketing focus from securing a single large user to occupy the property, to attempting to attract multiple tenants to the building.
Yesterday morning, the Westchester County Industrial Development Agency approved a preliminary inducement of Andor Capital Management for $230,000 in sales tax exemptions. The application with the IDA states that the firm would lease 55,000 sf at 900 King St.
William Cuddy, senior managing director of Insignia/ESG, the exclusive leasing agent for 900 King St., offered little insight on the pending deal with Andor Capital Management except to say, "We don't comment on pending negotiations." Kevin O'Brien, general counsel for Pequot Capital Management, also offered no comment when contacted by GlobeSt.com concerning the possible lease deal.
Pequot officials explain that the privately-held hedge fund management company, which currently has approximately $15 billion in assets under management, will spin off its technology asset management section in September of this year. The spin-off will be a separate company named Andor Capital Management LLC. Once the spin-off is completed, Pequot, which is headquartered in 50,000 sf of space at 500 Nyala Farms Rd. in Westport, will employ approximately 125 employees and have offices in New York City, London and Menlo Park, CA.
Andor Capital Management will start out with approximately 80 workers and will take over Pequot office locations in San Francisco, London and Taiwan. It also plans to open a location in New York City, company officials say.
Dan Benton, the current president of Pequot Capital, will be the chief executive officer of Andor Capital Management. No replacement for Benton has been named.
In addition to Andor Capital Management, real estate sources tell GlobeSt.com that Xerox has also looked at the 900 King St., building as its possible new corporate headquarters. The financially-troubled copier has put its Stamford, CT headquarters on the market for sale and is currently exploring its options for a new, smaller corporate headquarters facility in the lower Connecticut-Westchester County area.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
