Fremont Investment Signs 30,000 SF Expansion Deal

In June of last year, Fremont, which is headquartered in Anaheim, CA, signed a lease for nearly 26,000 sf of space. The firm, which has more than $7 billion in assets and specializes in originating and acquiring FDIC-insured commercial and residential real estate loans, took occupancy of its Elmsford regional offices in the summer of 2003. As was the case in the original lease deal, CB Richard Ellis' William V. Cuddy and Budd Wiesenberg represented Fremont directly with Mack-Cali Realty, the owner of the 171,550-sf property.

CBRE's Wiesenberg says the new Fremont space entails the entire sixth (top) floor of 555 Taxter Rd. The company already occupies space on the second floor. Fremont Investment has taken over space formerly occupied by Fuji Photo Film USA, which had leased approximately 106,000 sf. Fuji moved to 164,000 sf of space at 200 Summit Lake Drive in Valhalla, NY in April 2003.

The Fremont leases cut the Fuji space availability by more than half. Fremont, which is a subsidiary of Fremont General Corp., was attracted to the property due to its access to labor pools in the northern New York City suburbs. CBRE officials say that Fremont's business growth since June necessitated the leasing of the additional 30,000 sf of space.

Bernie Dougherty, vice president regional products manager for Fremont Investment, says the Elmsford office serves as the Northeast operations center for the Wholesale Residential Lending Division. He notes the opening the operations center in June to service the Northeast has produced significant growth in mortgage origination volume for the company. Previously, Fremont's Wholesale Residential Lending Division serviced the Northeast from offices in Tampa, FL, and California. He says that since the office opening this past June, "We have exceeded all our expectations."

The company eventually plans to employ 200 operations workers at 555 Taxter Rd. The company has 97 employees there currently. In addition, Fremont is seeking to increase its outside sales force in the Northeast from 30 to 50 workers by June 1.