The deal, which has a term of five years, is the first significant lease transaction closed at the property since it was acquired by Caspi several months ago. The Purchase, NY--based real estate development and investment firm acquired the 235-245 Main St. office complex, which totals approximately 158,000 sf, for $18.5 million from Reckson Associates Realty Corp. in August of this year.

Built in 1926, the complex features six floors and a penthouse. It was renovated in 1974 and most recently in 1997. The Bank of New York, which has been a tenant at 235 Main St. for 30 years, is the largest tenant in the building.

"We are honored and pleased that such a distinguished company as The Bank of New York has chosen to renew its lease at 235 Main St. This recommitment by The Bank of New York to downtown White Plains is another example of the new vitality and energy that is reshaping the center of the city," says Steven J. Caspi, president of Caspi Development Co., the owner and manager of 235-245 Main St.