W&M Properties' Jeffrey H. Newman, executive vice president and JoAnn B. McGrath, vice president of leasing and marketing, represented the building owner in the lease negotiations. David J. Block, first vice president of CB Richard Ellis, represented the tenant.
Block says that Pasternak's expansion needs could not be met at its Greenwich location and that the firm's partners were attracted by 500 Mamaroneck Ave.'s strategic location as well as its amenities package. The space availability at 500 Mamaroneck stems from W&M Properties taking back leased AT&T space prior to lease expiration.
Knowing that AT&T did not intend to renew its lease, which terminates in September 2004, W&M negotiated the early, staggered cancellation of the firm's 95,000-sf lease at the building. Last year, W&M initially took back approximately one third of AT&T's total obligation. With no tenant in hand, W&M upgraded the space, installed new corridors and bathrooms to ready if for multi-tenanting, company officials say. AT&T has already vacated all of its space at 500 Mamaroneck and shifted some of its workers to the AT&T building at 440 Mamaroneck Ave. in White Plains, Newman notes.
He adds that W&M has leases out on the remaining 14,000 sf of former AT&T space it had taken back last year. In addition, Newman says, "We have other leases in negotiation and will shortly take back another third of AT&T's space."
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