PURCHASE, NY—MBIA Inc. will shift its global corporate headquarters operations from its current 287,000-square-foot facility at 113 King St. in Armonk to approximately 85,000 square feet of leased space at The Centre at Purchase office complex here.

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

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

Kevin Brown, an MBIA spokesman, tells Globest.com that the company will put its current headquarters property in Armonk on the market for sale. The company expects to move into its space at The Centre at Purchase in the late third quarter of this year. MBIA has been at the 113 King St. property since 1989. It previously occupied space at 445 Hamilton Ave. in White Plains and at 34 South Broadway in White Plains where it first began operations there in 1974.

Brown says that at its peak, prior to the recession, MBIA employed approximately 420 workers at its Armonk global headquarters. The search for new office space took approximately six months, he adds.

"In our search for a new headquarters location, we were seeking a space that will provide us with operational efficiencies without compromising on amenities or location," says Andrea Randolph, managing director at MBIA. "The Centre at Purchase is a top-notch facility that's centrally located only a few miles down the road from our current building. It's a perfect fit for our needs.”

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

Maureen O'Boyle, senior director, Gerry Lees, senior director, Frank Coco, executive director, and Jon Mayeske, director, at Cushman & Wakefield represented MBIA in the deal. Newmark Grubb Knight Frank Executive Managing Directors Stephen Banker and Hilarie Siles are the leasing agents for The Centre at Purchase campus.

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MBIA to Shift Global HQ to Centre at Purchase

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