Acadia, a retail REIT, has taken occupancy of its space located on the second floor of the Parker Corporate Center, a 320,000-sf office complex located at the White Plains/Harrison border. Insignia/ESG's David Block and David Itzkowitz represented Acadia Realty in the transaction. Cushman & Wakefield represented Wachovia Bank in the negotiations.

Insignia's Block notes, "Wachovia was originally only allowed to sublease the second floor to one tenant. Thanks to the flexibility of the ownership, however, we were able to structure a deal that allowed Wachovia to sublease part of the floor to Acadia Realty and the balance to another user." Another approximately 16,000 sf of Wachovia space is currently on the market for sublease.

The relocation from Long Island to White Plains also involved an expansion of its corporate headquarters space. Acadia had previously occupied approximately 12,000 sf of space at 20 Soundview Marketplace in Port Washington. More than 60 employees are now housed at the firm's new White Plains corporate headquarters.

Jon Grisham, vice president of investor relations for Acadia Realty, says the company opted to relocate to Westchester because "it is a good central location to pick for the maximum amount of qualified people."

Acadia Realty Trust owns 62 shopping center properties that total approximately five million sf of space. The properties are located in the Northeast and Midwest. In February of this year, the firm acquired one million sf of retail space (the Market Square Shopping Center and Brandywine Town Center) in Wilmington, DE. On June 2, Acadia announced the grand opening of the 72,000-sf Shaw's supermarket at its Gateway Shopping Center in South Burlington, VT.