500 Mamaroneck Avenue exceeds 90 percent occupancy

Real Estate Weekly, August 16, 2000

The occupancy rate at 500 Mamaroneck Avenue has reached 92 per cent since its acquisition by new owners in May of 1999, when 62 per cent of the 285,000-square-foot building was either vacant or covered by leases nearing expiration, according to Jeffrey H. Newman, executive vice president of W&M Properties, the marketing and management agent for the building.

The building was bought by a limited partnership led by Peter L. Malkin and Anthony E. Malkin. W&M Properties is the management, marketing and acquisition arm of the Malkin family.

New and renewed leases and expanded spaces at 500 Mamaroneck since the W&M takeover amount to more than 171,000 square feet. The new tenants are Barrington Chemical Corp., Case Paper Co., Chemlube International, Inc., Compo Micro Tech, Inc., Sara Lee Coffee & Tea, Voest-Alpine-Stahl Group, and Mariner Investment. Group, Inc. The spaces they leased range in size from 2,166 to 19,594 square feet.

AT&T Corp. renewed its lease and expanded its space to a total of just over 95,000 square feet. American Express Financial Advisors, Inc. added 6,500 square feet to its offices and extended the term of lease for its existing space. Leasing is running ahead of projections, according to Mr. Newman. "Leases with additional users for an aggregate of nearly 10,000 square feet are being finalized, and we are actively negotiating proposals to lease the remaining vacant and available space in the building," he says.

Another key factor is the building's ability to meet market demand. "Because its floorplates are easily subdividable, 500 Mamaroneck can meet the space needs of a market that is underserved in Westchester County -- the small to midsized tenant," Mr. Newman says.

Ownership can subdivide all spaces for multiple users, as the building's floorplates easily accommodate small and mid-size space requirements.

A recent addition to W&M Properties' suburban portfolio, 500 Mamaroneck Avenue is five-story, 285,000-square-foot multi-tenant office building located in the heart of the surging I-287 submarket.