Ownership Launches Multi-million Dollar Capital Improvement Plan at Class A Office Asset

Leasing activity involving six tenants and totaling over 90,000 square feet at the Westchester One - 44 South Broadway has helped drive White Plains’ central downtown business district healthy performance in the market. Cushman & Wakefield serves as exclusive leasing agent for this 21-story, 907,000 square-foot Class-A office tower. Tenants are seeing the terrific value proposition of the Westchester One as one of the best addresses in the White Plains CBD.

The Cushman & Wakefield team, including Stephen Baker, Matthew Lisk, Michael McCarthy, and Josh Kuriloff, has secured six leases on behalf of ownership in the last nine months. Ownership is in the process of rolling out a multi-million dollar capital improvement plan for the property including an expanded and updated cafeteria, a new tenant lounge, enhanced lobby finishes, parking garage renovations, and elevator upgrades.

“Last year was a great year for downtown White Plains, and high-quality office assets like 44 South Broadway are what will continue drive the city’s business district this year,” said Steve Baker of Cushman & Wakefield. “As tenants seek more urban environments, the Westchester One is working to bring its property to the next level to meet the needs of tenants seeking the opportunity to be in true efficient, Class A space.”

The capital improvements will begin next month and have contributed to an inflow of renewals at the property. In January, one of the largest tenants at the property, Willis Towers Watson, renewed its 46,682 sf lease on the entire 13^th and a portion the LL2 floors. The office space will continue to be used for executive and administrative purposes. Cushman & Wakefield represented the landlord, and CBRE represented the tenant in this transaction.

French multinational banking and financial services, Societe Generale, renewed its lease of 17,728 rentable square foot (rsf) on the building's 3^rd floor. CBRE represented Societe Generale in the deal, and the company will continue to use the space for their administrative and executive uses. Trans-Continental Credit and Collection renewed its 8,974 rsf on the 4^th floor. JLL represented Trans-Continental, who uses the space for administrative and executive office space.

The software and consulting company, Nexant, renewed its lease at the Westchester One, in February, but will relocate within the building from the 4^th floor to the 5^th floor. Cushman & Wakefield represented both the tenant and the landlord in this transaction, and Nexant will use their 5,951 sf of space for administrative and executive purposes.

Senior Home Care, a nursing agency assisting the needs of elderly men and women throughout the Tri-State region inked a new 9,982 sf lease on LL1 of the building in the fourth quarter of 2017. The space will be used by the agency’s administrative professionals, who will move from their current location down the block at 95 South Broadway to take advantage of the newly renovated, more desirable office building. Cushman & Wakefield also represented Senior Home Care in this transaction.

Additionally, in the fourth quarter of 2017, Cognetic Capital Advisors signed a new 3,286 sf lease on the 11^th floor of 44 South Broadway to be used as the company’s new headquarters. The company will move into their new, high-end pre-built space in a relocation from Midtown Manhattan. Cushman & Wakefield was the sole broker in this transaction.

About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.