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MOUNT PLEASANT, NY-The economic slowdown that has caused a dramatic decline in tenant demand in the New York metro area, has prompted a major property owner here to take another look at its marketing strategy. Officials with CB Richard Ellis tell GlobeSt.com that it has just been retained by Gale & Wentworth as exclusive leasing agent for the former IBM Latin American headquarters property. In additon, the ownership and the brokerage firm have decided to reposition a portion of the complex in order to tap the emerging small to medium sized tenant market, says CB Richard Ellis senior vice president Frank Tomasulo.

Tomasulo says, “Initially it was thought that they were going to capture a large tenant based on the market at that time.” However, the economic slowdown has caused many prospective large corporate users that were studying the Westchester market to pull back on any relocation or expansion plans at the moment.

He reveals that CB Richard Ellis and Gale & Wentworth have decided to market a “singular pod” of approximately 100,000 sf to smaller space users. The building, now known as the Mount Pleasant Executive Center, totals 383,000 sf of space on three levels.

Tomasulo notes that the complex has two wings connected by a center core. By repositioning the property to allow for smaller lease deals in one section, the complex can still be a viable option for large corporations once market conditions improve, he contends.

“We’re playing both sides of the street,” he says. “What we are trying to do is tap into the velocity of the market which is the 30,000 sf and lower transactions,” Tomasulo relates.

Gale & Wentworth acquired the building in November 1998 and has until now marketed the complex to large corporate space users. It should be noted that the complex was in the running for a host of deals in the first few months of 2001, including a company that had expressed interest in leasing the entire complex. However, to date the project has failed to secure any lease deals and remains empty.

The Mount Pleasant Executive Center is located on Route 9 on a 76-acre parcel that is adjacent to Phelps Memorial Hospital. The site can accommodate an additional 260,000 sf of new office construction as well.

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