Rye King Associates LLC, a joint venture of Brickman Associates and Wafra Investment of New York City, announced that a $2-million improvement project at the 207,000-sf building has already been completed. The improvements completed thus far include a redesigned café and cafeteria with outdoor seating and executive dining area, a sundries shop, a fitness center with full concierge services, a renovated atrium, as well as upgrades to the elevators, electrical and HVAC systems. A spokesman for the ownership states that $10 million in further improvements have been funded and will be spent as tenants sign leases.

"Rye King Associates LLC is reintroducing the property to the market, and fulfilling a vision for the property that successful real estate brokerage firms and regional office tenants expect; but we needed to be sure the suburban commercial market would take us seriously," says Christopher O'Callaghan, a principal of McCarthy O'Callaghan Co., the exclusive leasing agent for 900 King St. "$12 million is a serious budget to upgrade a building. There are none--as in zero--Class A building addresses left for this kind of floor plate."

The property contains two floors that offer in excess of 100,000 sf each. The Brickman-Wafra joint venture purchased the property more than two years ago after IBM vacated the property. For some time the ownership had been unsuccessful in its quest for a single user for the property. Recently, it has decided to initiate improvements and market the building for multiple tenants.

O'Callaghan says that leasing interest has picked up at the property, especially with Westchester and Fairfield County, CT-based companies who are attracted to the site because it provides convenient access to both counties' labor pools.

He adds, "There are several major companies interested in first quarter or second quarter 2004 occupancies." O'Callaghan says that discussions are ongoing, but no deals had closed as yet. He would not reveal what companies are in lease discussions at the property.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.