IDA backs security start-up
An investor and executive in intelligence and security systems companies plans to open headquarters space in Armonk for his startup business.
The Westchester County Industrial Development Agency recently approved a sales tax exemption, estimated at $5,000, for the office opening of Integrated Defense and Security Solutions Holdings (IDSS), a newly formed company that provides security and defense analysis and implements strategic plans for commercial clients. The company plans to lease about 2,200 square feet of space at 430 Bedford Road.
Company founder Joseph Paresi told IDA officials he wanted to locate the holding company”™s headquarters near his Armonk home. Paresi said IDSS is acquiring intelligence and information and data management companies and is engaged in an advanced technology project to develop the next generation of explosives detection systems at its Burlington, Mass. office.
Paresi expects to employ six workers in the New York office. The headquarters operation is projected to grow to 20 employees and a $2 million payroll in two years.
A long-time executive in the defense, security and technology industries, Paresi was a partner in L-1 Investment Partners L.L.C. in Stamford, Conn., a private equity firm investing in the biometrics market. After six years in operation, the firm in 2011 sold its L-1 Identity Solutions Inc. business to France”™s Safran Group for $1.09 billion.
Weisz signs Gannett daily
Commercial office landlord Robert P. Weisz has drawn another prominent Westchester company across I-287 to 1133 Westchester Ave., his RPW Group”™s 620,000-square-foot, class-A office building in White Plains.
The Journal News Media Group, part of the Gannett Inc. national newspaper chain, in September will move its headquarters from 1 Gannett Drive in Harrison to a 30,400-square-foot office in the Weisz building. Janet Hasson, president and publisher of the daily print and online news company, in a statement said its news, advertising, marketing and business support functions will be relocated there.
Gannett two years ago closed its printing plant and production operations in its 232,000-square-foot office and warehouse building in Harrison. Largely vacant after four years of staff and budget cuts at The Journal News, the building will be demolished this year by the property”™s new owner, Life Time Fitness Inc. The Minnesota-based company plans to build and open a 209,000-square-foot fitness center on the 22-acre site by 2014.
William Cuddy Jr., executive vice president at CB Richard Ellis in Stamford, Conn., represented the Journal News Media Group in the lease deal. Glenn Walsh, senior director at Cushman & Wakefield Inc. in Rye Brook, represented the landlord.
The Journal News will maintain its offices in West Nyack and Mount Kisco.
The publisher will occupy its new White Plains headquarters ahead of another prominent tenant and office-park neighbor relocating its Platinum Mile office across I-287.
Wilson Elser Moskowitz Edelman & Dicker L.L.P., Westchester”™s largest law firm, will occupy 125,000 square feet of space after signing a 15-year lease with Weisz at 1133 Westchester in the largest office lease of 2011. The firm expects to move from 3 Gannett Drive in Harrison in 2013 after an extensive build-out.
