Old Kraft headquarters to be redeveloped

Real Estate Weekly, Sept 27, 2000

Developer Charles S. Cohen announced that he has successfully refinanced 333 Westchester Avenue, the former Kraft Foods headquarters complex in White Plains. Cohen Brothers Realty Corporation has taken over the leasing assignment for the 600,000 square foot property, which is being redeveloped into an elite multi-tenant corporate center.

The $77 million financing package consists of a construction loan from Canadian Imperial Bank and long-term take-out financing from the Union Labor Life Insurance Company (ULLICO). The project's original lender, Credit Suisse First Boston, has now been fully repaid and has no further interest in the property. The long-term take-out financing was arranged by Richard T. Horowitz of Cooper-Horowitz, Inc.

Cohen Brothers' leasing team, which includes David Nevins, Chip Sealy, Greg Sandler and Steve Fredericks, recently completed the lease-up of 622 Third Avenue, successfully brokering over a million square feet of leases in 12 months.

Tenants already housed at 333 westchester. Avenue include MovieFone,Inc.; MACSTEEL ASOMA, a steel trading company; The America Online media company; Fredman & Rosan, a law firm; Rosenfeld & Tortu, a benefits consulting firm; and The Nexus Group, a software development company.

Anchored by four interconnected mid-rise office buildings on a sprawling 39-acre site distinguished by landscaped gardens and courtyards, 333 Westchester Avenue has been completely repositioned and designed for multitenancies. It features unusually large contiguous blocks of space, ideal for tenants seeking 10,000 square feet or more. At the same time, tenants with requirements starting at just 2,500 square feet will be able to custom design their own space.

Under an exciting design plan developed by legendary architect Philip Johnson, 333 Westchester Avenue is presently being enhanced with new lobby treatments as well as new colored elliptical outdoor entrance monuments designed to provide distinctive identities for each of the development's buildings.