Investors triple space at W&M office tower

Real Estate Weekly, Dec 15, 2004

Mariner Investment Group, Inc. has signed a 10-year lease to more than triple its offices at 500 Mamaroneck Avenue, according to Jeffrey H. Newman, executive vice president of W&M Properties, the marketing and managing agent for the building.

Mariner, an asset management company, will occupy a total of 29,529 square feet on the building's first and fourth floors. A tenant since 2000, this is Mariner's second expansion. The firm will move into its additional space by early 2005.

W&M Construction will build out the space for the tenant. "One of our goals at W&M is to ensure that our tenant's changing space needs are met," says Mr. Newman. "We're delighted that we were able to work with Mariner to meet the firm's growth needs."

In representing the building owner in lease negotiations, Mr. Newman was assisted by Senior Leasing Associate, Kathleen A. Caracappa. The tenant was represented by Douglas Furer, president of Mariner Real Estate Service, LLC.

500 Mamaroneck Avenue is a five-story, 285,000-square-foot, multi-tenanted Class-A office building located in Harrison, N.Y. between the Hutchinson River Parkway and 1-95.

For the first time in several years, 500 Mamaroneck has contiguous blocks of space available on the fourth and fifth (top) floors. By the end of the year, nearly 100,000 square feet of space on those floors will have been taken back from vacating tenant AT&T, upgraded, and remarketed for multi-tenanting. Upon learning of AT&T's decision to consolidate its operations into an owned facility elsewhere, W&M worked to take back the firm's 100,000 square feet of offices on a gradual basis.

"Once we took possession of the space, upgrades were made, and the space was made available for multi-tenanting," says Mr. Newman.

"So far, we have had an extremely successful leasing campaign. Seventy-five percent of the former AT&T space has already been relet among seven replacement tenants, and all that remains is a 10,000-square-foot block on the 5th floor, and a 15,000-square-foot block on the 4th floor."