Fuji Photo Film USA. was honored for its lease deal announced last August to expand its operations in the county and relocate from offices in Elmsford to approximately 164,000 sf of space at Reckson Associate Realty's 200 Summit Lake Drive property in Valhalla. Stanley E. Freimuth, executive VP and COO of Fuji Photo Film USA., accepted the award on behalf of the company.
The other major award of the evening went to White Plains Mayor Joseph Delfino for his administration's efforts that have helped spawn more than 1,700 residential housing units that are currently under construction, as well as retail and entertainment development in the city. In his acceptance speech, Delfino noted that five years ago the office vacancy rate in downtown White Plains was at 34%. Today that rate has been cut by more than half.
BOMA also handed out its TOBY Awards that recognized excellence in property management. In the 100,000-250,000 sf category, 711 Westchester Ave. in White Plains, managed by W&M Properties, was honored. Jack Parker Corp.'s Parker Corporate Center in White Plains was toasted as the winner in the 250,000-500,000 sf category and in the Suburban Office Park category, the winner of the 2002 TOBY was Reckson Associates' The Summit office park in Valhalla.
Michael Siegel of Insignia/ESG was the master of ceremonies for the event.
BOMA Hall of Honor Co-Chairs Mark Durno and Lynn O'Malley commented on the county's performance in 2002 by stating, "While the sluggish national economy and global events continued to suppress demand for commercial space, Westchester County showed comparative strength over the past year. Ending 2002 with positive absorption, preliminary results for the first quarter of 2003 indicate the market is holding its own, with direct and sublease availability numbers nearly unchanged since fourth quarter 2002, despite some highly-publicized corporate downsizing."
They continued, "Continued demand over the past year from companies in New York City with requirements for satellite or dispersion offices provides strong endorsement for Westchester County as a business location. Also, Westchester's increasingly diverse economy provides a basis for internal growth and job generation that helps assure continued demand. Westchester is well positioned for the anticipated recovery."
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
