RBC Capital Markets, a subsidiary of Royal Bank of Canada, was represented in the lease deal by Newmark & Company Real Estate, Inc.'s Stephen Banker, managing director of the firm's Westchester/Connecticut operations and Vice Chairman Arthur Lerner. Frank Boccanfuso of FMB Real Estate Services LLC represented the building owner, Phoenix Capital Partners LLC.
Newmark's Banker explains that the deal involves the assignment of the lease of the entire fourth floor from AmeriTrade. RBC Capital Markets, is the corporate and investment banking business of RBC Dominion Securities Corp., also a subsidiary of Royal Bank of Canada.
Kevin Mutell, manager of facilities for Royal Bank of Canada, notes that the company's interest in leasing space at the RiverView at Purchase building began shortly after Sept. 11 when it was looking for contingency space. One Liberty Plaza, where the company had occupied approximately 180,000 sf of space, was damaged in the Sept. 11 attacks. The company is currently operating in a number of New York City properties on a short term basis. Mutell says the company expects to re-occupy its North American headquarters space at One Liberty Plaza in early 2002.
Before the collapse of the World Trade Center several months ago, RBC Capital Markets space at One Liberty Plaza housed 500 employees. Mutell says that in early 2002, the company will most likely have 400 workers reoccupy the space. He adds that the New York City office may eventually house the full complement of 500 workers due to the assimilation of personnel from recent company acquisitions Dain Rauscher Corp., and Tucker Anthony.
Mutell adds that the space at RiverView at Purchase will initially house approximately 100 employees and could eventually accommodate as many as 180 workers. The office is serving as a combination investment banking and trading office for the company.
He relates that while the company initially viewed the location solely as an office that would be leased for "contingency" purposes, the Purchase property proved attractive so that the company could possess "concurrent space in the suburbs to our day-to-day operations in New York City."
RiverView at Purchase is a three-story, 120,000 sf building that is nearly fully leased. Recently, Principal Financial Securities relocated its operations from 2975 Westchester Ave., to 7,500 sf of space at the building.
While sources say that RBC Capital Markets has held some discussions with Westchester County officials regarding possible incentives, globest.com could not learn if any deal had been finalized.
Salvatore Carrera, director of Westchester County's Office of EconomicDevelopment confirms that the company is holding discussions with WestchesterCounty regarding possible incentives related to the lease dea in Purchase.Carrera notes that RBC Capital Markets is nearly finished with its finalapplication with his department. After that is complete, the county will workwith the company to "give them all they are entitled to," he says.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
