$12M in Improvements Slated at Former IBM Facility

RYE BROOK, NY-As negotiations are said to be heating up with prospective tenants at the property, the owner of 900 King St. here says it has spent $2 million thus far and plans to shell out another $10 million more to successfully convert the former IBM facility into a multi-tenanted building.

Rye King Associates LLC, a joint venture of Brickman Associates and Wafra Investment of New York City, announced that a $2-million improvement project at the 207,000-sf building has already been completed. The improvements completed thus far include a redesigned café and cafeteria with outdoor seating and executive dining area, a sundries shop, a fitness center with full concierge services, a renovated atrium, as well as upgrades to the elevators, electrical and HVAC systems. A spokesman for the ownership states that $10 million in further improvements have been funded and will be spent as tenants sign leases.

“Rye King Associates LLC is reintroducing the property to the market, and fulfilling a vision for the property that successful real estate brokerage firms and regional office tenants expect; but we needed to be sure the suburban commercial market would take us seriously,” says Christopher O’Callaghan, a principal of McCarthy O’Callaghan Co., the exclusive leasing agent for 900 King St. “$12 million is a serious budget to upgrade a building. There are none–as in zero–Class A building addresses left for this kind of floor plate.”