In a long-expected move from Armonk, MBIA Inc., a bond insurance and specialty financial services holding company, will relocate its global headquarters to The Centre at Purchase office campus, a spokesperson for leasing agent Newmark Grubb Knight Frank said Monday.
The company, with about 245 employees in Westchester County, has leased 84,981 square feet of space at 1 Manhattanville Road and 2 Manhattanville Road in the four-building, 685,000-square-foot office complex in Purchase. MBIA is expected to move there later this year.
“In our search for a new headquarters location, we were seeking a space that will provide us with operational efficiencies without compromising on amenities or location,” Andrea Randolph, managing director at MBIA, said in the announcement. “The Centre at Purchase is a top-notch facility that”™s centrally located only a few miles down the road from our current building. It”™s a perfect fit for our needs.”
MBIA currently is headquartered at 113 King St. in Armonk. The company plans to sell that property, the Newmark Grubb Knight Frank spokesperson said.
The owner of The Centre at Purchase, a venture comprising George Comfort & Sons Inc. and O”™Connor Capital Partners, is building a 150-seat, auditorium-type conference center at the complex for use by MBIA and other tenants.
“We are excited to welcome MBIA to The Centre at Purchase,” said Peter Duncan, president of George Comfort & Sons Inc. and managing member of OCC Purchase L.L.C., in the announcement. “We have invested a fair amount of capital into the property to ensure that it is the top suburban office park in Westchester County and signing leases with quality tenants like MBIA is the result.”
Newmark Grubb Knight Frank executive managing directors Stephen Banker and Hilarie Siles are leasing agents for the Purchase campus. Representing MBIA in the lease deal were a Cushman & Wakefield brokerage team of Maureen O”™Boyle and Gerry Lees, senior directors; Frank Coco, executive director; and Jon Mayeske, director.
