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Availability in the county's office market keeps shrinking, and that trend could accelerate greatly with plans to convert the former IBM campus in Somers to a private high school.
“We’re finding that since we can offer 200,000 square feet, 100,000 square feet, you can’t find that type of inventory in central Westchester anymore,” said William V. Cuddy Jr., CBRE’s executive vice president in Stamford.
The county’s office market saw about 249,000 square feet of new leases and renewals in the second quarter, according to a quarterly market report from CBRE Group Inc.
Robert Weisz builds on his Westchester Avenue holdings with 925 and 1025 Westchester Ave. in White Plains, which were previously part of Normandy Real Estate Partners' Exchange portfolio.
The property, with two building’s totaling about 183,000 square feet, went for $12 million in a deal first announced by the seller in April. CBRE Group, Inc. announced Monday that GHP, a West Harrison-based office owner and operator, acquired the two Stevens Avenue buildings.
Growth in asking rents is strongest in the White Plains Central Business District, where the average asking price of $34.84 per square foot is up 7 percent from last year’s first-quarter numbers, according to CBRE.
“There’s a lot of disconnect currently between planning and zoning and the market,” said Jessica A. Bacher, executive director of the Pace Land Use Law Center.
A major lease renewal and expansion by Montefiore in Yonkers led a solid quarter in Westchester's office market.
The increase in major deals is part of what has researchers concluding Westchester's office market is trending in a positive direction.
Keystone Property Group has named CBRE Group Inc. as exclusive leasing agent for a portfolio of four Class A office buildings in Tarrytown and...
The group will lease a 26,385-square-foot space at 6 Landmark Square in Stamford, a move about a quarter-mile down the road from its current office at 177 Broad St.
The 179,000-square-foot property at 535 Connecticut Ave. is 45 percent leased.
A holding controlled by Capmark Financial Group Inc. sold a 135-unit town home community in New Haven to Eagle Rock Advisors L.L.C. for $12.25 million, CBRE announced Jan. 3.
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