Fuji Photo Film moves headquarters to Westchester County

Real Estate Weekly, August 14, 2002

In the largest lease transaction to occur in Westchester County during the last two years, Fuji Photo Film U.S.A., Inc., will move its headquarters to Valhalla, Westchester County, NY, it was announced.

The company, which is the American sales and marketing subsidiary of the Fortune Global 500, Fuji Photo Film Co., Ltd., of Tokyo (FUJIY) has leased approximately 164,000 SF at Reckson Summit at 200 Summit Lake Drive, a Class A property owned by Reckson Associates Realty Corp.

A world leader in imaging and information products and services, Fujifilm will occupy several floors at the three-building Reckson Summit office park. Fujifilm selected the new location upon completing a three-year search for a new Headquarters in Westchester and Fairfield Counties, as well as various locations outside the New York Tri-State area.

The 10-year lease, which commences in April 2003, comprises over half of the 249,551-SF building at 200 Summit Lake Drive. The company will occupy the entire 3rd and 4th floors and a portion of 2nd floor. Fujifilm is expanding -- by an additional 60% -- from 106,000 SF at its current headquarters location in the Taxter Corporate Park in Elmsford, NY, where it moved from New York City in 1986.

Paul Myers, senior vice president of the CB Richard Ellis New York City office, and Frank Tomasulo, senior vice president of the New York/Connecticut Suburban office, represented the tenant in the transaction.

CB Richard Ellis has a long-term relationship with Fujifilm, and upon today's transaction closing will have represented them on nearly 1 million SF of commercial leases in major markets throughout the United States.

"Fujifilm investigated a number of options in its search for new corporate office space and after weighing them all, we are very pleased to be remaining in Westchester County and New York," explained Stanley E. Freimuth, executive vice president and chief operating officer, Fujifilm USA. "We have found New York and Westchester to be a great place to do business and this decision will be very convenient for our employees who enjoy working here.

We appreciate the support of the county, the state and our friends at CB Richard Ellis and Reckson."

"We are very pleased that this move will allow us to continue to grow here in America while providing a pleasant and productive work environment for our employees," said Yasuo "George" Tanaka, president and chief executive officer, Fujifilm USA.

Fujifilm entered the North American market in 1955 and culminated a decade of growth with the establishment of its first U.S. subsidiary, Fuji Photo Film U.S.A., Inc., in 1965.

Fujifilm now operates numerous subsidiaries throughout the U.S. that employ more than 10,000 American associates at over 100 locations, including those located in Westchester County.

"We welcome this highly-esteemed company, Fujifilm, to a property of an equal caliberReckson Summit," said Salvatore Campofranco, senior vice president, managing director, Westchester Division. "The complex offers the corporate presence, incredible service and outstanding amenities the company had been seeking. We are very pleased that Fujifilm chose to join our family of tenants and look forward to building a long relationship with this industry leader."

"This corporate lease transaction by Fuji Photo Film U.S.A., Inc., represents a high watermark over the last few years in Westchester County and is positive evidence of the pro-business environment that exists here," commented Myers and Tomasulo, CB Richard Ellis' chief advisors on the transaction.

Contributing CB Richard Ellis team members included John Maher, Anthony Dattoma and John Pavone of the New York City office and Al Gutierrez and Paul Hoffmann of the New York/Connecticut Suburban office.

The creative transaction involved over 250,000 rentable SF and had an impact on more than seven existing tenants at 200 Summit. According to the owner, Reckson's ability to understand Fuji Photo Film USA's space needs and dovetail the timing of the occupancy with the business strategy of the existing tenants at 200 Summit was the critical component in bring g the transaction to fruition.