The firm, which purchased the property for approximately $17 million from Massachusetts Mutual, has hired architectural firm the Corporate Planning Group of Stamford, CT. and New York City to design the renovation and modernization initiative, which will include work in the lobby and common areas of the 117,000-sf building as well as the addition of a food service area on the mezzanine level of the property.
"As a first time owner in Westchester County, we wanted to make a statement and bring 81 Main St. to its fullest potential as a class A office building," says James Winter, a principal of The Winter Organization.
The real estate investment firm's portfolio is mainly based in New York City.
Financial details concerning the renovation and modernization effort were not released. Managing Principal of Newmark & Co. Real Estate's Westchester and Connecticut operations John Goodkind, who along with Patricia Valenti are the exclusive leasing agents for the building, termed the capital investment into the building upgrades as "substantial." The planned upgrades come at a time when 81 Main St. stands at 98% occupancy. Goodkind adds that leases are out on the remaining available space at the five-story building and he says that he expects those deals to close by year's end.
"Although 81 Main St. has long enjoyed close to full occupancy, the improvements will make the building that much more attractive to future tenants," Goodkind explains. He notes that with the improvements, along with its sought after covered parking facilities, 81 Main St. will be competitive with other downtown White Plains properties like 10 Bank St. and the Gateway building, both located nearby.
Some of the major tenants at 81 Main St., which was built in 1984, include the law firms Silverman & Bikkal, Bartlett, McDonough & Bastone, and Serchuk & Zelermyer. In addition, the building's largest tenant is the architectural firm Einhorn, Yaffee & Prescott, which currently occupies approximately 17,000 sf.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
