MBIA Sells HQ ‘Airport Campus’ in Armonk

John Jordan | May 7, 2015

An aerial view of the former MBIA campus in Armonk.
An aerial view of the former MBIA campus in Armonk.
An aerial view of the former MBIA campus in Armonk.

ARMONK–Cushman & Wakefield announced the sale of the former headquarters of MBIA Inc. at 113 King St. here on May 6th.

The two-building Class-A office campus that totals more than 300,000 square feet on 38 acres reportedly sold for $23 million. Cushman & Wakefield represented the seller, MBIA, in the sale to a joint venture between affiliates of Steven Wise Associates, L.L.C. and the Manocherian family. The brokerage firm in its announcement did not disclosure the sale price, but stated the new ownership purchased the property on an all-cash basis. The Westchester County Business Journal reported the sale price of $23 million for the asset.

The Cushman & Wakefield sale-disposition team in the transaction was comprised of Jim Jordan, senior managing director and Thomas J. O’Leary, senior director of C&W’s Capital Markets Group, along with Maureen O’Boyle, senior director, and Gerry Lees, senior director, both of C&W’s Leasing Services Group.

The MBIA Airport Campus is comprised of two interconnected buildings of 110,000 square feet and 190,000 square feet, and includes approvals to expand the footprint by more than 240,000 square feet, C&W officials stated.

As the former MBIA headquarters, Airport Campus features first-class finishes and furnishings, dramatic atria lobbies and unparalleled amenities, including a 250+ person cafeteria with a glass atrium and four private dining rooms with moveable partitions for custom-sized gatherings; a state-of-the art fitness center with fully equipped locker rooms; an auditorium and video conference center; 17 conference rooms and three smaller meeting rooms; extensive walking trails; tennis, basketball and volleyball courts; and facilities for a sundry shop, ATM, dry cleaner, and a professional mailroom; plus a separate meeting house (circa 1820) that features its own meeting rooms, kitchen and bathrooms.  The space is also fully furnished and offers a “turnkey opportunity” for prospective tenants.

Airport Campus’ high-tech infrastructure includes two redundant feeds from two separate substations, as well as a fault-tolerant, high-speed telecommunication SONET-enabled site, related data centers and emergency generators for total campus redundancy.

The new ownership has retained Cushman & Wakefield as the exclusive leasing agent for the property.  The leasing team is comprised of Trip Hoffman, senior director, Matthew Lisk, senior director and Mike McCarthy, associate director.

The new owner is planning a major marketing and advertising campaign to immediately meet the most demanding requirements of headquarters-level users, C&W stated in its announcement.

Steve Wise, principal of Steven Wise Associates, said, “We’re truly excited about the acquisition of this extraordinary asset.  As the former MBIA headquarters, the property has been impeccably maintained and offers amenities and infrastructure on a level rarely seen in the tri-state area, making it ready for immediate occupancy.  We’re equally pleased to work with Cushman & Wakefield on a leasing assignment of this magnitude.  After enjoying a very successful partnership with C&W in the leasing of The Campus (home to Chelsea Piers Connecticut, NBC Universal Media, Hospital for Special Surgery, and in partnership with Spinnaker Real Estate Partners) in Stamford, CT., I’m confident that the C&W team will help make this exceptional campus a most compelling opportunity.”

“Airport Campus is one of the most magnificent properties in the region,” said C&W’s Hoffman.  “When you combine its state-of-the-art space and unparalleled amenities with ownership’s proven track record, I’m confident that we will lease the property in very short order.

John Jordan
Editor, Real Estate In-Depth