The commercial vacancy rate in downtown White Plains shrank to 10.8 percent in the first quarter, driven by leasing activity in the city”™s prime office space.
Average rent for premier “class A” office space rose to $32.09 per square foot, up from $30.75 in the fourth quarter of 2006, according to the latest data from commercial broker Cushman & Wakefield Inc.
Businesses snapped up 103,000 square feet of class A office space downtown in the first quarter, compared to 75,000 square feet in the fourth quarter last year. Outside the central business district, the overall vacancy rate increased from 29.5 percent in the fourth quarter to 30.3 percent in the first quarter this year.
Significant deals downtown included Skadden Arps Slate Meagher & Flom L.L.P. expanding into 15,000 square feet at 360 Hamilton Ave. in White Plains; and Rockwood Capital relocating from Greenwich, Conn., into 14,000 square feet of space at 10 Bank St. in White Plains.
In April, Greenberg Traurig L.L.P. leased 52,000 square feet at 445 Hamilton Ave., which was vacated last year by Lillian Vernon Corp.
Also in the first quarter, Manhattan-based SL Green spent $32 million to purchase the Crosswest Office Center at 399 Knollwood Road in White Plains. SL Green bought the building from RPW Group, which is located in Rye Brook.
In the fourth quarter of last year, the overall vacancy rate was 11.7 percent, with lower quality “class B” buildings generating much of the activity. Class B rents dropped two cents in the first quarter to $25.24.
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