Malkin Properties”™ 285,000-square-foot, five-story office building at 500 Mamaroneck Ave. in Harrison has seen steady activity in new lease signings and extensions from O”™Connor, Davies, Munns & Dobbins L.L.P., York International Agency and Pasternak, Baum & Co.
The building now has a 96 percent occupancy rate, Malkin Executive Vice President Jeffrey Newman said.
White Plains-based accounting firm O”™Connor, Davies, Munns & Dobbins has occupied 11,000 square feet of space on the first floor, according to Newman.
The company will consolidate its downtown offices at One Barker Ave. and will move into a 32,500-square-foot space on the third floor at 500 Mamaroneck through 2022.
Newman and Kimberly Zaccagnino of Malkin Properties represented the landlord; John McCarthy of McCarthy Associates represented the tenant.
York International Agency, an independent insurer specializing in commercial, personal and health insurance, signed a 10-year lease at 500 Mamaroneck and will relocate its Yonkers headquarters to an 11,745-square-foot second floor space this winter.
The space had been occupied by Ameriprise Financial until the end of last month, Newman said.
“They had downsized over time and they”™re going to have a very small office elsewhere, but we”™ve known for several months that the space would not be renewed by them, so we started marketing in advance and we were able to do this deal with essentially no downtime,” Newman said. “They (York) took out all of Ameriprise”™s space and a little of what was utilized as storage space that we will let them lease as contiguous office space.”
Paul Jacobs of C.B. Richard Ellis represented York in the 10-year lease transaction.
Robert Kestenbaum, York International CEO, said the company wanted to “explore other options in the greater Westchester area as our lease was coming to an end.”
He cited the building, amenities and location at 500 Mamaroneck as desirable attractors.
“I think they really wanted to upgrade their location,” Newman said. “They found this to be more accessible. You”™ve got the shuttle to the Mamaroneck train station and I think it”™s the fact that this property and really the overall area are accessible to two highways.”
Newman said it is becoming more commonplace in today”™s market for prospective tenants to look to “trade up.”
Also announced for 500 Mamaroneck is the expansion of global agricultural commodities brokerage Pasternak, Baum & Co., which is extending its lease for six more years and growing in occupancy to 10,000 square feet; David Block of C.B. Richard Ellis represented the tenant in the transaction.
