by Colleen Wilson and Danielle Brody
After learning this summer that Fairfield-based General Electric Co. has considered finding a new headquarters  to avoid corporate tax hikes in Connecticut, Westchester County officials have wasted no time in identifying potential sites in the county to attract the technology giant to New York.
- GE headquarters in Fairfield
 Some real estate experts speculate that the rumors that GE is weighing relocation to other states and locales as far south as Atlanta ”” and especially the prospect of a move to a neighboring county ”” has put the company in a stronger leverage position for renewed tax incentives in Connecticut.
Mark Barnhard, director of Fairfield”™s Office of Community and Economic Development, said that GE owns the 68-acre property off the Easton Turnpike in Fairfield. The property includes two office buildings totaling 463,000 square feet of space and a 28-room, 52,000-square-foot guest facility.
Phil Oliva, a senior adviser to Westchester County Executive Robert P. Astorino, identified four potential sites to the Business Journal that the county has pitched in collaboration with real estate leaders for a GE Â headquarters relocation. They are:
Ӣ One Pepsi Way in Somers, the former headquarters of the PepsiCo Beverages Americas division, a 540,000-square-foot building on 200 acres. Its new owner, a company owned by Mexican billionaire Carlos Slim Hel̼ and his family, paid approximately $87 million for the vacated property in March.
Ӣ The former MBIA Inc. headquarters at 113 King St. in Armonk, a 300,000-square-foot building on 38 acres. A joint venture of Pound Ridge-based affiliates of the Manocherian family, a prominent family in Manhattan residential and commercial real estate, and Steven Wise Associates LLC in Stamford paid $23 million for the property in a May deal.
Ӣ Gateway Center at 1 N. Lexington Ave. in downtown White Plains, an 18-story, 532,000-square-foot office building.
Ӣ The former Alexander Smith and Sons Carpet Mills factory complex on Nepperhan Avenue in Yonkers.
“We”™ve been actively involved in pitching different locations that meet their needs,” Oliva said. Westchester has a “natural competitive advantage” in workforce talent and accessibility to New York City, he said. Coupling those advantages with tax incentives, Oliva said, “We think Westchester would be a great place for their new corporate headquarters.”
Oliva said that the county is not at a stage to offer GE a tax incentive package, but that the county Industrial Development Agency “stands at the ready” if talks were to move in that direction.
Glenn Walsh, a commercial real estate broker at Newmark Grubb Knight Frank in Rye Brook, said that the purpose of GE”™s negotiations and exploratory actions is to get a better deal from the state of Connecticut.
“They are playing the incentive game and the odds of them moving to Westchester are slim to none,” he said. “I think those lawmakers are going to roll up their sleeves and figure it out,” Walsh said of Connecticut officials.
Michael C. Tetreau, the first selectman of Fairfield, said he does not think GE wants to move, but that the state”™s business climate forced the company to reconsider the location of its headquarters.
“To a great degree we shouldn”™t be in this situation,” he said. “This has been 20 years in the making. This last budget is the one straw that broke the camel”™s back.”
On June 1, GE released a statement that reports about Connecticut”™s possible taxes increases were “discouraging.” That was followed four days later  by an email from GE CEO Jeffrey R. Immelt to employees saying that the company”™s taxes have been raised five times since 2011 and that GE would be looking at options for a more “pro-business environment.”
Politico New York first reported in mid-August that New York Gov. Andrew M. Cuomo visited GE”™s headquarters in Connecticut on July 30 to meet with executives about the possibility of moving to Westchester County.
The office of Connecticut Gov. Dannel Malloy declined to comment on GE negotiations. Cuomo”™s office did not respond to requests for comment.
Dominic McMullan, a spokesman for GE, did not elaborate on the company”™s negotiations, but reissued a statement that the company has an exploratory team assessing its options to relocate headquarters.
Tetreau said Connecticut legislators and residents worry about the economic impact of GE moving and its potential ripple effect on other businesses. The company pays about $1.8 million in Fairfield property taxes per year, he said. GE”™s approximately 800 employees pay property taxes, income taxes and have involvement in the community.
The move would hurt the local suppliers GE uses and could lead to other businesses reconsidering whether or not to expand in or relocate to Connecticut, he said. Tetreau said he has been on the phone with GE executives for the last three months and is seriously evaluating its options.
“It”™s very clear they”™re going through a formal evaluation,” Tetreau said. “GE knows their objectives. GE has their criteria. They know people they”™re going to talk to. They”™ll let us know when they make a decision.”
