Triarc Puts 50,000 SF on Sublease Market

The firm has put its entire Rye Brook leased space on the sublease market, says Christopher O'Callaghan, senior director of Cushman & Wakefield. O'Callaghan and Peter Sweetser of Cushman & Wakefield are marketing the space for sublease. Both brokered the 2004 lease deal between Triarc and building owner RPW Group when they worked for Albert B. Ashforth Inc. of Stamford, CT.

"They believe 280 Park Ave. works better for them right now," O'Callaghan says. He adds that while Triarc had some architectural renderings made of the space configurations at its Rye Brook offices, it never performed any improvements on the space there. There is 10 years remaining on the company's lease at 800 Westchester Ave. and the firm does have a work letter agreement with the building owner. Calls to Triarc for comment on its decision to put the Rye Brook space out for sublease were not returned.

O'Callaghan says that the Triarc space, which could be subdivided, will be marketed for sublease at $40 per sf. That rate is higher than asking rents for sublease space or for a majority of the class A direct lease space in Westchester and higher than other space at the 800 Westchester Ave. building, which goes for about $30 a sf.

Robert Weisz, principal of RPW Group, says he is aware the Triarc space is on the market for sublease. However, he says that in talks with Triarc he believes the firm has not as yet eliminated Rye Brook from all consideration.

Triarc did secure approximately $400,000 in sales tax exemptions from the Westchester County Industrial Development Agency for tenant fit-up work in connection with its lease deal at 800 Westchester Ave. The firm has not used any of the incentive financing to date, O'Callaghan says.