ELMSFORD, NY-SolarCity, a clean energy company specializing in engineering design, financing, installation and monitoring of solar panels, has opened up a Westchester County location. The company has signed for 32,000 square feet of flex office/industrial space at Lighthouse Real Estate Ventures’ 203 Ridgewood Dr. in Elmsford, a property part of Fairview Corporate Park.
Kevin Langtry, a senior associate in CBRE’s Stamford, CT office who represented the building’s ownership, tells GlobeSt.com that the green energy company took over the distribution space formerly leased to shipping company DHL. “They were still on the lease, despite having vacated the building,” he says. “We were reacting to market interest as we had it. We structured the lease where SolarCity came up right against when DHL was out. It was almost like one leaves, and another comes in.”
The deal brings the Fairview Corporate Park portfolio – consisting of four buildings and 250,535 square feet – to 100% occupied. CBRE’s William V. Cuddy, Jr. also represented Lighthouse in the lease negotiations, while Cushman & Wakefield’s John Grady acted on behalf of SolarCity.
The building is centrally located along the western border of Westchester County, near Route 287 and the Sprain Brook Parkway Langtry says the tenant found the “central Westchester location to service the region” as an attractive place to do business.
Overall, green energy deals are also gaining a foothold in the area. Langtry is working on a deal with Tesla Motors, an affiliated company of SolarCity that engineers electric vehicles. The company recently opened a showroom/dealership at the Westchester Mall.
“The industrial market is funny, and it is a little bit unique in Westchester than other true industrial markets,” he says. “It is always stop-and-go, but it is always fairly steady in terms of each year in and each year out. The vacancy may have ticked up a little bit, but overall you still have very little quality space available in the market. That’s why you see companies staying put if they have a solid building or a solid location, because newcomers like a SolarCity, have very little options.”
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