Loews signs for 15,778 sq.
ft. at Westchester One
By
ALEX PHILIPPIDIS :: March 19, 2007
Loews Corp. has signed a long-term lease for 15,778
square feet on the third floor of Westchester One (44
South Broadway), the 852,000-square-foot downtown White
Plains building.
In an expansion from its Manhattan headquarters, Loews
will house administrative operations at the building,
owned by Beacon Capital Partners L.L.C.
The Loews lease was announced this afternoon by Westchester
One’s leasing agent, Cushman & Wakefield.
Three C&W professionals represented Beacon Capital
in the lease deal – Edward Weiss, vice chairman;
Josh Kuriloff, vice chairman; and Gregory V. Frisoli,
senior director.
“They are in the process of their space planning
and build-out right now,” Frisoli said in an interview.
Representing Loews was Jonathan Schindler of Colliers
ABR.
With the Loews lease, Westchester One is technically
97 percent leased – but C&W has the challenge
of finding new tenants for some 600,000 square feet of
space over the next couple of years.
Argent Mortgage Company L.L.C. is expected to vacate
much if not all of its roughly 300,000 square feet in
the building following last week’s news of several
hundred layoffs at the company due to the meltdown of
the subprime lending market. In addition, several bargain-rent
subleases of former IBM Corp. space expire over the next
two years.
RENOVATION
PLAN: C&W also used the same news release
to announce some details of Beacon Capital’s long-discussed
renovation of Westchester One. Manhattan-based architect
The Philips Group is overseeing design of the improvements,
which will include renovations to all entrances, plus
a redesign of the lobby, elevators, common areas and
restrooms.
According to C&W, the cafeteria will be upgraded
and conferencing facilities will be added. Shuttle service
to Metro-North Railroad’s White Plains station
will be available to all tenants.
“We’ve already started work on our marketing
center, which is going to be located on the lobby level
near where the cafeteria is located. We’re finalizing
certain finish selections for the lobby. That work is
expected to start shortly,” Frisoli said.
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