Westchester Bank Building Now 100% Leased
Real Estate In-Depth | February 23, 2016
WHITE PLAINS– Having successfully executed a strategic leasing program on behalf of ownership, Colliers International announced the signings of several new long-term leases and renewals in excess of 14,000 square feet. The newly renovated, 45,000-square-foot boutique office property located at 12 Water Street is now 100% leased.
Senior Managing Director Ian Ceppos and Executive Managing Director Al Gutierrez, of Colliers International, who were retained as the exclusive leasing agents for the property by ownership, Autumn Properties & Development, brought the four-story asset, which was completely vacant when they took the assignment less than 36 months ago, to fully leased.
Among the new transactions, M2O Private Fund Advisors, who provides counsel on capital raising and investor relations, signed a 3,116-square-foot renewal and expansion; J Star Produce and Capitol Logistics leased a total of 6,000 square feet; DataLan Corporation, a Microsoft Gold Certified partner that advises on SharePoint technology, renewed 3,988 square feet; and The Law Offices of Craig Relles leased 1,050 square feet.
“Through a strategic leasing program for the Westchester Bank Building, which included reintroducing the asset to the market, we were able to successfully position 12 Water Street as one the most desirable office buildings in White Plains,” Ceppos said.
Added Gutierrez, “Ownership’s transformative renovations and the building’s location, steps away from the Metro-North train station in downtown White Plains, were highly effective in securing and retaining the Westchester Bank Building’s robust mix of reputable tenants.”
Ownership fully renovated the asset with Class-A finishes and infrastructure upgrades after acquiring it from GHP Office Realty in 2012. The property, which formerly served as an office for Con Edison, was renamed the Westchester Bank Building after its largest tenant, which now occupies the entire ground floor.
Additional tenants at the property include Allstate Insurance Company, startup Rev Point, and security provider Allied Barton, among other real estate companies, financial firms, attorneys, and tech companies.