The firm is expected to move into its new offices by the end of the first quarter of 2008. Steve Baker, senior director of Cushman & Wakefield, represented UBS Financial Services.
The lease deal with UBS Financial Services brings the 128,000-sf building to 60% leased. UBS will be moving into a portion of the space previously occupied by Nokia Inc., which built its own corporate headquarters building at 102 Corporate Park Dr. in White Plains. UBS Financial Services is expected to employ more than 100 workers at its new digs.
The 709 Westchester Ave. building is part of the 14-building Platinum Mile portfolio. Those properties were formerly called the EastRidge portfolio until they were acquired and rebranded by RexCorp. The Platinum Mile portfolio is nearing the final stages of a multimillion-dollar capital improvement and repositioning program. The initiative has included new lobby and entry redesigns, landscape improvements and the inclusion of a number of tenant amenity offerings such as: gourmet food service and catering, wi-fi capabilities and team room and conferencing facilities.
"As this unparalleled repositioning of Platinum Mile unfolds," says Joseph Caruso, SVP of leasing for RexCorp, "our efforts continue to be validated by tenants of prominence, like UBS, who select this preeminent luxury office park as the location for their operations in Westchester." C&W's Baker says that UBS Financial had studied a number of properties across Westchester County before deciding that 709 Westchester Ave. was the best property for its executives and high net worth clients.
Caruso reports there has been a significant amount of leasing interest and activity at the Platinum Mile portfolio of late. He expects there will be approximately 120,000 sf of lease deals closed in the fourth quarter at those properties. Other financial services firms that are tenants in RexCorp's Platinum Mile portfolio include: JP Morgan Chase, Fidelity Investments, Alpine Woods Capital Investors, Wells Fargo Bank, Bank of New York, Conseco Life Insurance and Wachovia.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
