Stephen Banker, managing principal of Newmark's Westchester/Connecticut operations and Patricia Valenti, a principal of Newmark & Co. Real Estate, represented IBM in the transaction. The sublease space has an expiration date of August 2008.
About two years ago, IBM put approximately 240,000 sf of its space at 44 South Broadway on the sublease market. With the latest Smarts lease, Newmark's Banker says that there is only 30,000 sf of IBM sublease space still available.
On April 12, Smarts, an information technology management solutions firm, reported it had met its revenue expectations for the first quarter of 2004 and had posted a profit. The firm announced it had secured a record number of new customers and an expansion in sales through its "channel partners."
In addition to its headquarters office in White Plains, the company has an office in New York City at 11 Penn Plaza. It has regional offices in San Jose, CA, Oakbrook Terrace, IL, Dallas, Waltham, MA, Portsmouth, NH, Reston, VA, and Alpharetta, GA. The company also has a presence in the United Kingdom, Germany, Singapore and Melbourne.
The 44 South Broadway property, which is now nearly fully leased, has been the focal point of significant leasing activity of late. In addition to the IBM sublease space deals; in late 2003 Ameriquest Mortgage signed a lease for 223,366 sf at the 850,000-sf building. The firm, which deals primarily in subprime financing, now leases nearly 450,000 sf in the White Plains area.
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