WHITE PLAINS, NY—As part of its ongoing study of its New York City headquarters, auction house Sotheby's is considering relocating back office and support personnel to downtown White Plains, GlobeSt.com has learned.
Sotheby's is looking for approximately 120,000 square feet of space in White Plains. The firm's requirement was revealed at a media briefing on Thursday by CBRE officials at the brokerage firm's offices in Stamford, CT where it released its 2014 first quarter statistics on the Westchester and Fairfield county markets.
Robert Caruso, senior managing director for CBRE, in discussing the latest market trends in Westchester and Fairfield counties, revealed that Sotheby's is interested in leasing approximately 120,000 square feet for its administrative operations in downtown White Plains. CBRE officials would not comment any further on the Sotheby's requirement or provide information on what properties the firm was interested in.
Globest.com has learned from real estate sources that Sotheby's has expressed interest in 1 North Lexington Ave. and 44 South Broadway (Westchester One) office buildings in White Plains. Jones Lang LaSalle, which reportedly is working with Sotheby's on its headquarters study, did not respond when contacted by globest.com.
A possible move to White Plains would be contingent on decisions to be made by Sotheby's regarding its storied 10-story 1334 York Ave. building.
In its nearly year-long study of its global auction house headquarters options, Sotheby's has recently stated it is mulling several possible options—an outright sale of the York Avenue building or the sale or lease of a portion of the building that would involve no more than five floors. A partial sale or lease would have Sotheby's using less space at the property that serves as the headquarters of the firm's global auction house and also houses considerable exhibition and gallery space.
The study of office space options in White Plains is believed to be in connection with Sotheby's potential downsizing of space at the York Avenue building.
Andrew Gully, worldwide director of communications for Sotheby's, would not confirm reports that Sotheby's is conducting a search for back office space in Westchester in connection with its New York City headquarters study. “We continue to explore Sotheby's real estate needs now and in the future, but no decisions have been made,” Gully says.
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