Prime Office Space Renewals in Yonkers

YONKERS, NY-Several Westchester health and education agencies have renewed their leases at 20 S. Broadway in Yonkers in a transaction that totals 49,973 square feet. The Westchester Dept. of Health and the Educational Opportunity Center both opted to stay in the building and keep their current spaces.

The 133,612 square foot building--the tallest commercial office tower in downtown Yonkers--will remain 94% occupied with the deals.

Executive VP William Cuddy, Jr. and senior associate Kevin McCarthy from CB Richard Ellis represented the landlord, Abbey Road Advisors and AEW Capital Management, in the deal.

Cuddy, in CBRE’s Stamford, CT office, tells GlobeSt.com that the building is a “best in class” asset, located in a vibrant commercial area. “Yonkers has a healthy mix of commercial inventory, ranging from class A office to flex and industrial, so it’s in play for a variety of different requirements,” Cuddy says. “The quality of our tenants, the condition of the asset and the occupancy that we maintain make 20 S. Broadway what most everyone would consider best in class.”

Cuddy thinks that the renewals speak to the county’s commitment, amid political strife, to core services in the area. “There has been a fairly well-publicized, contentious relationship between our executive and legislative branches,” he says. “These leases were significant because it demonstrates the county’s commitment to critical core service of health and education.”

Approximately 20,000 square feet of additional lease negotiations are underway in the building by Cuddy and his team. These pending leases represent two full floors of the building.