Kevin Foley, senior managing director of Cushman & Wakefield, says the company will bring approximately 425 workers to the 900 King St. office building from offices in White Plains, NY, and Stamford, CT. Cadbury Schweppes signed a lease for 135,000 sf of space at the former IBM property last month. The deal closed on Dec. 23. Foley along with Paul Kauffman, Steve Baker and Maureen O'Boyle represented Cadbury Schweppes in the lease deal. In addition, Dennis Irwin and Jim Southerland of Cushman & Wakefield's Transaction Consulting Group in New York City also worked on the deal. Christopher O'Callaghan, a principal of McCarthy O'Callaghan Co. of White Plains, represented the building ownership--Rye King Associates LLC, a joint venture of Wafra Investment and Brickman Associates of New York City.

Cadbury Schweppes is combining Snapple Beverage Group Inc., which is based at 709 Westchester Ave. in White Plains and Mott's Inc., which is currently headquartered at Six High Ridge Park in Stamford to form Cadbury Schweppes Americas Beverages.

Foley says that the ownership of High Ridge Park offered a competitive package to try and retain Cadbury at its Stamford property. However, lower internal operational costs, and a more efficient floor plate that would more easily accommodate the merged companies helped tip the scales in favor of the Rye Brook property.

The move by Cadbury Schweppes from Stamford will eventually involve the availability of a significant amount of space at the High Ridge complex.

"They (Cadbury) control approximately 160,000 sf, of which I believe about 60,000 is sublet to two other tenants," Foley notes. The direct lease and the sublease deals expire in early 2005.

At its current offices at 709 Westchester Ave., Snapple leases 78,378 sf of office space and 883 sf of storage space. In addition, the company subleases another 4,912 sf of space at 707 Westchester Ave. Snapple's lease on its space at 709 Westchester Ave. expires in March.

Instant Insights /

Cadbury Schweppes Firm to Move to Rye Brook by April 1

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