The insurer, headquartered in Trumbull, CT, had previously leased approximately 80,000 sf of space at the Westchester One office building until recently. The firm had two years remaining on its commitment when it renegotiated a new 10-year lease for the smaller space requirement.

Jay Hruska, executive director of Cushman & Wakefield, represented Oxford in the lease transaction. C&W's associate director Greg Frisoli represented the building owner, the Pepe Organization.

"The renegotiation of Oxford's lease at 44 South Broadway is a win-win situation for both tenant and landlord," Hruska says. "Oxford was able to meet its space requirements and the building ownership was able to keep a valuable tenant for the long-term."

Oxford at one time in the late 1990s had leased approximately 200,000 sf in Westchester County at the 44 South Broadway building, which totals approximately 800,000 sf of space. However, since then the company has slowly shifted staff to other company controlled sites in the New York metro area and elsewhere, Hruska notes.

Prior to the lease renegotiation, Oxford had determined that it had some excess space market at 44 South Broadway and put more than 20,000 sf on the sublease market for several months.

Hruska said in the end, the company felt a direct deal, which included the long-term transaction for 57,000 sf and the giveback of approximately 23,000 sf of underutilized space to the building owner, was the best for Oxford and the building owner.

Oxford Health Plans, which has more than 3,000 employees, has regional offices in Trumbull, CT; Mount Laurel and Iselin, NJ; Hooksett and Nashua, NH and Hidden River, FL. In addition to its White Plains regional office, the company also has an office in Melville, NY. The publicly held company offers health plans to employers and individuals in New York, Connecticut and New Jersey.