Putnam County Savings to Move HQ To Renovated Building in Westchester

John Jordan | June 2015

YORKTOWN HEIGHTS—Putnam County Savings Bank, which recently completed its merger with CMS Bancorp, Inc., is relocating its corporate headquarters from Brewster to the 2651 Strang Blvd. office building in the Northern Westchester Executive Park here.

The bank has signed a long-term lease for 25,352 square feet of space at the building that is currently undergoing a $6-million renovation. The lease deal was announced by building owner GHP Office Realty of White Plains.

GHP Office Realty purchased the three building, 220,000-square-foot property in late 2014. Tenants at the property include Mercy College, LIJ Hospital and ENTA. GHP immediately embarked on a major capital plan that includes replacing curtain wall windows, new mechanical systems, new building lobbies and restrooms, an installation of a new, full service food concession, and a state of the art fitness facility. The property boasts 650 parking spaces. Medical office, one-story office and flex units are available ranging in size from 1,500 square feet to 35,000 square feet.  The renovation project has received incentives from the Westchester County Industrial Development Agency.

Joseph D. Roberto, president and CEO of Putnam County Savings Bank said, “With the continued measured expansion of the bank, we believe the timing is right to upgrade our administrative facilities. The relocation to Strang Boulevard will enable the bank to not only centralize its location but to also centralize all of its key departments under one roof with new state of the art technology.”

He added, “Northern Westchester County offered very few Class A alternatives that provided the right corporate identity with the requisite features for our employees. The opportunity to create a brand new build-to-suit installation for our administrative headquarters, and the renovations and amenities GHP is bringing to Strang Boulevard, made our decision easy.”

The new headquarters will house approximately 65 bank employees. Kevin Dwyer of The Dwyer Agency represented the bank in the transaction.

GHP Office Realty is a division of Houlihan-Parnes Realtors, LLC which is presently one of the New York area’s leading owners, operators and purchasers of suburban New York commercial space. GHP Office Realty has acquired, financed, redeveloped, leased and managed more than 6 million square feet. Regionally, the partners presently own and manage buildings in Westchester and Rockland counties in New York, in Fairfield County, CT, in Bergen County and Princeton, NJ, and in Fort Worth, TX.

John Jordan
Editor, Real Estate In-Depth