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GlobeSt.com EXCLUSIVE: Hedge Fund Negotiating Deal

WHITE PLAINS-The Westchester County Industrial Development Agency voted yesterday (June 7) to offer sales tax breaks to a future company to lease 55,000 sf of space at 900 King St. in Rye Brook, GlobeSt.com has learned. Sources share details on the spin-off and the property.

By John Jordan | Updated on June 07, 2001

WHITE PLAINS-Andor Capital Management, a future spin-off of Pequot Capital Management Inc. of Westport, CT., is in negotiations with the ownership of 900 King St. in Rye Brook to lease 55,000 sf of space for its corporate headquarters, GlobeSt.com has learned. The deal, which has not been finalized, would mark the first tenant lease transaction at the 201,460-sf former IBM building that is owned by Brickman Associates of New York City.

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.

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