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EastRidge Expects Gradual Activity in 2002

WHITE PLAINS-Despite the ongoing economic slowdown and its impact on the commercial office market, EastRidge Properties reports that its portfolio in Westchester County finished 2001 with a 96% occupancy rate.

By John Jordan | Updated on January 07, 2002

WHITE PLAINS-Although the commercial real estate market slowed down somewhat in the fourth quarter, leasing activity was steady, which helped the EastRidge Properties’ portfolio here to finish 2001 at a 96% occupancy level.Ellen Lynch, senior vice president and managing director of EastRidge Properties, reports that eight lease deals consisting of several expansions, renewals and new transactions were closed at the firm’s 15 building, 1.6 million sf portfolio in White Plains and Purchase

The largest transaction was with Wilson, Elser, Moskowitz, Edelman & Dicker LLP, which expanded its presence in the EastRidge portfolio by leasing an additional 6,053 sf at 3 Gannett Drive in White Plains. Frederick Kane Marek of Julien J. Studley, Inc. represented the tenant in the deal, which brought the company’s leased space with EastRidge to approximately 66,000 sf.

Other deals of note include: real estate brokerage firm Nelson Vrooman & Associates, Inc., which renewed with EastRidge Properties for 1,650 sf. at 709 Westchester Ave., in White Plains and Liberty Brokerage Investment Corp., which signed a lease at 108 Corporate Park Drive in White Plains for 5,522 sf. Stephen Baker of Cushman & Wakefield of CT, Inc. represented the tenant in that transaction.

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