Commerzbank Aktiengesellschaft is doubling its presence in Westchester County, according to Salvatore Campofranco, managing director of the Westchester/Connecticut division of Reckson Associates Realty Corp. The banking firm is currently housed at the International Corporate Center at Rye. Campofranco says that the bank will be moving into its new office at the six-building, 540,000-sf Reckson Executive Park by January 2003.
Commerzbank will house its disaster relief unit, affiliated with the bank's capital credit division, in over a third of the 90,000 sf 6 International Dr. building on the second floor. Commerzbank was represented by Gerry Lees and John Cefaly of Cushman & Wakefield in the transaction. The deal brings the 6 International Drive property to above 90 percent occupancy.
Campofranco notes that Commerzbank entered the market looking for new space in early 2002 and had considered a number of properties, particularly in the eastern section of the county, before deciding to sign the lease at Reckson Executive Park.
"They did a thorough property search," Campofranco says. "It's a great deal for us. It is a good credit tenant." He adds that in the current difficult leasing environment, the transaction serves "as a vote of confidence for Westchester County."
With consolidated total assets of approximately 500 billion Euro dollars, Commerzbank, founded in 1870, is one of Germany and Europe's leading private sector banks. Commerzbank has more than 40,000 employees worldwide, 7,700 are outside Germany. The bank, which also has operations in New York City, has a base of 5.7 million customers.
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