Cushman & Wakefield's Edward Weiss, vice chairman; Josh Kuriloff, vice chairman; and Gregory Frisoli, senior director, represented Beacon Capital. While Jonathan Schindler of Colliers ABR in New York City represented Loews. Loews will be housing administrative functions at its new White Plains location.
Commenting on the deal, Cushman's Kuriloff says, "Interest in Westchester County is increasing tremendously following a spike in Manhattan rents due to diminished supply. Westchester One is an ideal alternative to New York City's real estate occupancy, providing lower cost space without compromising ambiance and amenities."
Beacon Capital is in the midst of a multimillion-dollar capital improvement program at the 852,000-sf, 21-story office building located adjacent to the Westchester shopping mall.
C&W, the leasing agent for the property, reports that it is marketing more than 600,000 sf of space that will be available at the building for either headquarters or multi-tenant use.
Frisoli notes, "We are witnessing an escalating trend of corporations analyzing their occupancy costs more closely and looking at the economic realities of the suburban markets. White Plains is experiencing a total renaissance. The renovation and redesign of Westchester One will have mass appeal to tenants in the market for high-quality office space."
Key facets of the capital improvement effort include renovations to all points of entry to the building, redesign of the lobby, elevators, common areas and restrooms. The cafeteria will be upgraded and conferencing facilities will be added, Cushman officials note. The Philips Group, a New York City-based architectural firm, is in charge of design and renovations of the capital improvement initiative.
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