ITT Looks to Keep HQ in Westchester

Andy Hilton, a spokesman for ITT, confirmed those reports in a telephone interview with GlobeSt.com. He says the company is currently focusing on leasing space at the 700,000-sf property. However, he cautions that the deal has not yet been finalized.

"We are closing in on a decision and are in active negotiations on a lease at this point," Hilton says. He adds ITT hopes to announce a deal for its new corporate headquarters in the next few weeks. Up until confirming talks with the ownership of 1133 Westchester Ave., ITT had been conducting a search of office properties in Westchester and Connecticut. Hilton after earlier stating the firm hoped to remain in the "Westchester-Fairfield area," he now says the firm "hopes to remain in Westchester County."

ITT currently occupies approximately 50,000 sf of space at 4 W. Red Oak Lane in White Plains. Hilton says it is unlikely ITT will stay at the 130,000-sf location, which is owned by GHP Office Realty. ITT moved into the property 12 years ago. Its lease at the building, located off of Westchester Avenue and Interstate 287, expires in June 2008.

"We're outgrowing the space we have here," he says. ITT has been on the market for space in the Westchester/Fairfield region for some time. Hilton says that the company has held discussions with officials from New York and Connecticut regarding incentives.

ITT, which employs approximately 40,000 workers worldwide, reported on July 27 adjusted second quarter earnings of $169 million, up 21% from the same period a year ago. The company forecasts full year revenue of approximately $8.6 billion, which represents revenue growth year-over-year of 10%.

In June, GlobeSt.com exclusively reported that Starwood Hotels & Resorts Worldwide, Inc. had signed a new lease for an additional 50,000 sf of space at 1133 Westchester Ave. The hotelier now leases approximately 120,000 sf of space at the property. The firm maintains its corporate headquarters nearby at 1111 Westchester Ave.

Last year RPW Group acquired the property from IBM and announced that it would convert the former single-tenant building into a multi-use building. IBM is the other tenant at the building occupying approximately 70,000 sf.

RPW Group president Robert Weisz, speaking at a Westchester County Board of Realtors event in June, said he was is in negotiations at that time with a number of tenants for space totaling in excess of another 200,000 sf of space at 1133 Westchester Ave. He is also seeking approvals from the City of White Plains for a 150-room long-term stay hotel at the property. Weisz also plans to build another 200,000-sf to 250,000-sf office building at the 75-acre campus sometime in the future.