The company, which has invested a total of $25 million in the acquisition and renovation of the Harrison Executive Park, has proposed an additional 40,000-sf building at the park. The complex is currently 95% leased. Also in Westchester County, the company recently completed a 45,000-sf retail building built on a three-acre site just off I-95 in New Rochelle. The building was completed six months ago and is now fully occupied by Linens N Things. That venture was built on spec, company officials note.

At another office property the firm owns, Simone Development is finishing a more than $2 million renovation of the former U.S. Tobacco Co. corporate headquarters building at 1 Sound Shore Drive in Greenwich, CT. The 60,000-sf building, which was acquired by Simone Development a year ago, has been converted to multi-tenant use. The lobby has been completely refurbished and a cafeteria has been added. Since acquiring the building earlier this year, approximately 55% of the building has been leased, primarily to financial services companies, Simone Development officials note.

"The Greenwich office market is one of the strongest in the nation and home to many well-known financial services and investment management companies," Simone relates. "One of the reasons why Greenwich is so popular is that many of the CEOs who run these companies live here as well. We've invested more than $23 million in this building and it has been a tremendous success for us. We're looking for similar opportunities in the Fairfield County market."

In addition, the company is pressing forward with the planned redevelopment of the former Bronx Development Center into an office, medical and science complex. The 18.5-acre center, which the company acquired from the New York State earlier this year, is located in the Pelham Bay section of the Bronx. The site presently includes a 330,000-sf building with the potential to build up to one million sf of space.

"We are currently in lease negotiations with several major companies and expect soon to announce a major redevelopment plan for the property that will include an initial phase of 450,000 sf of space with the expansion capability of up to 1.15 million sf," Simone reports. "Because of this property's close proximity to major medical institutions, we are seriously considering the development of state-of-the-art biotech lab and office space. The New York Metro area has the potential for becoming one of the nation's top biotechnology centers. New York City is home to some of the world's finest academic research and medical centers and 60% of the nation's pharmaceutical industry is located in our region."