Cappelli announces leases at 200 Summit Lake Drive - Cappelli Development - Brief Article

Real Estate Weekly, Feb 19, 1992

Cappelli Development has leased space to two firms at 200 Summit Lake Drive, Valhalla, for a total of 20,000 square feet. The building is now 75 percent occupied. Terms of the leases were not disclosed.

200 Summit Lake Drive is the third building to go up at The Summit at Westchester, a 1.5-million-square-foot, 102-acre headquarters complex developed, owned, and managed by Cappelli Development.

ITT/Hartford Fire Insurance Company has leased 13,000 square feet at the building. The insurance firm will relocate its claims office from Mt. Kisco, New York. Approximately 60 employees will work at the new space. Pierson & Smith Commercial Real Estate, Inc. represented the tenant in the transaction.

Mel Cote, senior leasing analyst with ITT/Hartford, said, "We chose The Summit because of the need to upgrade our current facility, and the amenities at 200 Summit Lake Drive and high quality image of the building were attractive to us. Cappelli Development, the owner-manager, demonstrated a high level of professionalism and cooperation during the transaction, which as a Fortune 500 company contributes to our success."

The Upjohn Company, a worldwide pharmaceutical manufacturing and research company, took 7,000 square feet, relocating its New York pharmaceutical sales office from Long Island. Nine employees will work out of the new location. The Paladin Eroup, Tampa, Florida, acted as broker for the tenant.

200 Summit Lake Drive features a 100-foot glass atrium; five-story waterfall, professionally staffed, 5,000-square-foot fitness center; fully equipped conference center; full-service cafeteria.

Current tenants at The Summit include New York Telephone, Towers Perrin, IDS/American Express, AT&T, Blue Cross/Blue Shield, Datalogix Formula Systems, Graphic Management Group, Dynamedix Corporation, and Lothrop Associates.