WHITE PLAINS-CB Richard Ellis reports that Privilege Underwriters Inc., a niche property and casualty firm, has relocated from 11 Martine Ave. here to larger space at the Gateway office building. The firm, which specializes in catering to high net worth individuals and families, signed a five-year lease for 12,152 sf at the property located at One N. Lexington Ave.

William Cuddy, Hilarie Siles and Kevin Langtry of CBRE’s Westchester/Fairfield operations represented the Gateway Group, the owner of the property, in the transaction. Rick Rakow of Rakow Commercial Realty Group represented Privilege Underwriters.

Cuddy says that the firm recently took occupancy of its new offices at the 18-story, 530,000-sf property. With the deal, the Gateway building is 94% leased.

Major tenants at the property include AllianceBernstein, which occupies approximately 210,000 sf; law firms Bleakley Platt & Schmidt LLP, which leases 33,000 sf; DelBello Donnellan Weingarten Tartaglia, Wise & Wiederkehr and Collier, Halpern, Newberg, Nolletti & Bock LLP, which each lease approximately 20,000 sf; UBS, which leases 12,000 sf; and the Bank of New York, which maintains a 5,000-sf bank branch.

Cuddy says that the lease deal with Privilege Underwriters “is another example of a White Plains tenant that prefers to remain in White Plains.” He adds that the redevelopment and economic activity in the downtown district remains a draw to businesses inside and outside the area.

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