PURCHASE, NY—MBIA Inc. will shift its globalcorporate headquarters operations from its current287,000-square-foot facility at 113 King St. inArmonk to approximately 85,000 square feet of leased space atThe Centre at Purchase office complex here.

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The holding company with subsidiaries that provide financialguarantee insurance, fixed-income asset management and otherfinancial services, has leased 84,981 square feet at 1Manhattanville Road and 2 Manhattanville Road at the Centre atPurchase, which is owned by OCC Purchase LLC, a venture thatconsists of George Comfort & Sons, Inc. andO'Connor Capital Partners. MBIA employs 245workers at its Armonk complex and about another 30 more at otherMBIA locations across the globe.

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The lease deal brings the four-building, 685,000-square-footClass A office campus to more than 90% occupancy, according toNewmark Grubb Knight Frank, the leasing agent forThe Centre at Purchase.

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Kevin Brown, an MBIA spokesman, tells Globest.com that thecompany will put its current headquarters property in Armonk on themarket for sale. The company expects to move into its space at TheCentre at Purchase in the late third quarter of this year. MBIA hasbeen at the 113 King St. property since 1989. It previouslyoccupied space at 445 Hamilton Ave. in White Plains and at 34 SouthBroadway in White Plains where it first began operations there in1974.

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Brown says that at its peak, prior to the recession, MBIAemployed approximately 420 workers at its Armonk globalheadquarters. The search for new office space took approximatelysix months, he adds.

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"In our search for a new headquarters location, we were seekinga space that will provide us with operational efficiencies withoutcompromising on amenities or location," says AndreaRandolph, managing director at MBIA. "The Centre atPurchase is a top-notch facility that's centrally located only afew miles down the road from our current building. It's a perfectfit for our needs.”

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“We are excited to welcome MBIA to The Centre at Purchase,” saysPeter Duncan, president of George Comfort &Sons, Inc. and managing member of building ownership. “We haveinvested a fair amount of capital into the property to ensure thatit is the top suburban office park in Westchester County andsigning leases with quality tenants like MBIA is the result.”

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Maureen O'Boyle, senior director, GerryLees, senior director, Frank Coco,executive director, and Jon Mayeske, director, atCushman & Wakefield represented MBIA in thedeal. Newmark Grubb Knight Frank Executive Managing DirectorsStephen Banker and Hilarie Silesare the leasing agents for The Centre at Purchase campus.

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John Jordan

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