ITT spinoff will stay in Westchester
Xylem Inc., the spunoff water technologies business of ITT Corp., will put a physical distance this year between its former company in White Plains when it relocates its global headquarters to Reckson Executive Park in Rye Brook.
Since its spinoff from ITT in 2011, Xylem has occupied temporary space at 1133 Westchester Ave., the same White Plains office building in which ITT has its headquarters. Federal regulations require Xylem’s headquarters to be separate from ITT’s by Oct. 31.
The company will lease approximately 50,000 square feet of office space at 1 International Drive on the Rye Brook campus of Reckson, the suburban division of SL Green Realty Corp. The estimated $11.6 million relocation project will be aided by an estimated $562,000 in sales tax exemptions on purchases of construction materials and office furniture and equipment recently approved by the Westchester County Industrial Development Agency board.
In exchange, Xylem agreed to retain 106 positions, at an average annual salary of more than $300,000, and add 15 positions at its new headquarters at an annual average salary of more than $100,000.
Xylem officials said the company also considered leaving New York for Stamford, Conn.
Xylem, which designs, manufactures and installs highly engineered technologies for the water industry, employs 12,500 workers spread among 105 countries in which it does business. The company reported revenue of about $3.8 billion in 2011.