TARRYTOWN, NY-Reckson Associates Realty Corp., after having successfully repositioned one of the largest and historically most troubled properties in Westchester, is now setting its sights on building new office space in Rye Brook.

Salvatore Campofranco, senior vice president and managing director of the Westchester Division of the Melville, NY-based REIT, says that strong leasing activity this year has propelled its Reckson Metro Center development at 360 Hamilton Ave. in downtown White Plains to approximately 88% leased.

The company pumped in $15 million in construction costs to upgrade and reposition the former IBM building that sat vacant for more than a decade. Campofranco boasted that in less than a year, more than 300,000 sf of leasing activity has taken place at the high-rise property that totals 380,000 sf.

“In the first six months of this year, we accounted for 45% of the leasing activity in Downtown White Plains,” he notes.

Tenants at 360 Hamilton Ave., include: Heineken USA, Prudential Insurance Company of America, Redi Corp., Metromedia Fiber Network Services, Merrill Lynch, Gelco Information Network, NorthEast Optic Network, Inc. and CMGI Solutions Inc.

Campofranco says that by year’s end the property will be fully occupied. The company is now studying the costs related to the construction of its Reckson Executive Park project in Rye Brook. Reckson hopes to have its analysis completed soon so that it can determine whether to move forward with the four-story 310,000-sf project near the Connecticut border.

He reported that Reckson is carefully watching the economy for any hints of a significant downturn. Campofranco explained that the Rye Brook venture would fulfill a need for new commercial office space in the Westchester-Fairfield region. With the exception of proposed new development in Downtown Stamford there is very little new product on the horizon in the major markets of Westchester County.

“If the economy stays the same, I think it would be a go,” Campofranco predicts. If economic conditions remain favorable, Reckson could break ground on the venture in the spring of next year.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.