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Dozens of successful medical office conversions have taken place in the region over the past couple of years and seem likely to continue for at least the foreseeable future, according to Sean McDonnell, principal at Avison Young's Fairfield/Westchester office.
"Corporations want to be near transportation, which contributes to demand for apartment housing that their workforce wants to be in," said Building and Land Technology COO Ted Ferrarone.
Avison Young’s New York Capital Markets group announced it has arranged a $120.3 million loan for the acquisition and redevelopment of the Westchester Financial Center near the White Plains train station.
The companies are now located near such facilities as Greenwich Hospital, West Med, Stamford Hospital and Greenwich Surgery Center.
The new location will be the nonprofit's fourth in Connecticut and third in Fairfield County.
"The office market is better positioned than it has been for a long time,” says Kevin Welsh at Newmark Knight Frank.
The 65-and-older population has been estimated by Connecticut’s Legislative Commission on Aging report to grow by 57 percent between 2010 and 2040.
A major lease renewal and expansion by Montefiore in Yonkers led a solid quarter in Westchester's office market.
Greg Frisoli, executive managing director at Newmark Knight Frank’s Stamford office, predicted that more diverse deals could be coming soon to the county.
1000 Lafayette Boulevard is now home to more than a half dozen law firms and other legal tenants.
Frustration over a lack of detail leaves observers hopeful but wary.
Construction of the New Canaan Medical Arts Center will begin this month.
Western Connecticut Medical Group Inc., which is an affiliate of the Western Connecticut Health Network, will provide primary care services at the location including internal medicine, family care, women’s services and urgent care.