Officials with Insignia/ESG, which was the sole broker in the 15-year lease transaction, say Kraft Foods Federal Credit Union is expanding its presence in Westchester with the new deal. The firm will be relocating from offices it currently leases at 777 Westchester Ave. in White Plains. The firm currently occupies 22, 058 sf at that address and will take occupancy of its new offices on the fourth floor of the 145,000-sf, 2 Manhattanville Road property by sometime in the fourth quarter of this year.
David Block, director, and Michael Siegel, executive managing director of Insignia/ESG represented the building owner, Related Properties Corp. Hilarie Siles, associate director, William Cuddy, senior managing director and Robert Caruso, managing director with Insignia/ESG handled lease negotiations for Kraft Foods Federal Credit Union.
"We believe the latest lease deal with Kraft Foods Federal Credit Union is a testament to the Centre at Purchase, which in a market that is anything but robust, has attracted several major lease deals so far this year," Insignia's Block notes.
He added that despite the current economic downturn, the Centre at Purchase has attracted four significant Westchester corporate expansion deals in a little more than six months.
In late January, Bresnan Communications signed a lease for 28,107 sf of space at the adjoining 1 Manhattanville Road property, which also totals approximately 145,000 sf of space. In the third quarter of 2002, Hitachi Metals signed a lease for approximately 20,000 sf of space at 2 Manhattanville Road and Integra Med secured a lease of about the same size at 2 Manhattanville Road in the fourth quarter of last year.
Block adds that with the recent lease deals, the occupancy rate at 1 Manhattanville Road now stands at 93% while 2 Manhattanville Road is currently 91% occupied. He notes that the properties have only two blocks of space available, 14,000 sf on the fourth floor at 2 Manhattanville Road and 9,000 sf on the third floor of 1 Manhattanville Road.
He notes that Insignia/ESG has seen some tenant interest in the remaining available space at the complex, but has not secured any firm deals as yet. Asking rent for the space at the Centre at Purchase is priced at $33 per sf.
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