Deal
puts a Schein on RexCorp’s Platinum Mile
portfolio
By
ALEX PHILIPPIDIS :: March 1, 2007
Occupancy at the RexCorp
Realty L.L.C. portfolio of Platinum Mile buildings is
approaching 80 percent thanks to a signed long-term lease
announced this week with healthcare products distributor
Henry Schein & Co.
Henry Schein will move its regional offices this month
from 846 Pelham Pkwy. in Pelham to 20,427 square feet
at RexCorp-owned 2500 Westchester Ave., a 158,302-square-foot
building in Purchase.
“They will move in in a matter of days, within
the first week of March,” said Joseph Caruso, senior
vice president of leasing with RexCorp. “They looked
at it and said we’ve got a great location, a good
landlord, an efficient building and a very nice amenity
package.”
RexCorp is halfway through its $30 million repositioning
of the Platinum Mile portfolio. Most recently it has
been refurbishing lobbies of five buildings simultaneously – 709
Westchester Ave., 925 Westchester Ave., 1025 Westchester
Ave., 2500 Westchester Ave. and 2700 Westchester Ave.
“We’ll be finished in the next month or two,” Caruso
said.
Schein’s new lease continues the increase in occupancy
Platinum Mile has seen since RexCorp and predecessor
Reckson Associates Realty Corp. bought the former EastRidge
Properties portfolio at the end of 2005. Occupancy had
been as low as 68 percent following the departure of
several big tenants earlier this decade, including Nokia,
Snapple Beverage Group (now part of Cadbury Schweppes
Americas Beverages) and Diageo Ltd.
Headquartered in Melville, publicly-traded Henry Schein
on Feb. 21 reported net income for 2006 of $163.8 million,
up 17 percent from 2005, on net sales of $5.15 billion,
up 11 percent from the previous year.
Mack-Cali
announces four Westchester leases
By
ALEX PHILIPPIDIS :: March 1, 2007
While much attention in
Westchester’s
office market has centered on SL Green Realty Corp. and
RexCorp Realty L.L.C., Mack-Cali Realty Corp. has been
busy as well when it comes to getting some leases done.
This afternoon Mack-Cali announced four completed Westchester
deals:
• Singer
Holding Corp., parent company of home heating oil supplier Robison
Oil, renewed its lease of 15,000 square feet at 500 Executive
Boulevard in Elmsford. 500
Executive Boulevard is a 41,600 square-foot office/flex
building, located at Cross Westchester Executive Park,
that is 100 percent leased. Ivan Abry, in-house
senior director of leasing, represented Mack-Cali.
• Matrix
Absence Management, Inc., a provider of customized management
of employers’ disability, workers’ compensation
and family leave programs, leased 16,302 square feet
at 7 Skyline Drive in Hawthorne. The lease included
a renewal of 14,126 square feet and a 2,176 square-foot
expansion. Located in Mid-Westchester Executive
Park, 7 Skyline Drive is a 109,000 square-foot class
A office property that is 95.3 percent leased. Carol
McGuire, in-house senior director of leasing, represented
Mack-Cali.
• Konica
Minolta Business Solutions USA, Inc., a document imaging products provider, signed a
new lease for 11,650 square feet at 200 White Plains
Road in Tarrytown. The
six-story, 89,000 square-foot class A office building
is located in Talleyrand Office Park and is 97.9 percent
leased. McGuire represented Mack-Cali in this deal
as wekk.
• Starwood Hotels & Resorts renewed its lease
for 10,275 square feet at 5 Skyline Drive in Hawthorne. The
124,022 square-foot office/flex building, located in
Mid-Westchester Executive Park, is 100 percent leased. Paul
Enea of NAI Friedland Realty represented the tenant and
Abry, Mack-Cali.
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