New tenant takes 78,000 sf at Royal Executive Park - JWP Inc. leases commercial space in Westchester, New York

Real Estate Weekly, June 17, 1992

In the most significant lease transaction in Westchester County so far this year, JWP Inc., a multi-national technical services company, has signed a long-term lease for approximately 78,000 square feet of space for its corporate headquarters at Royal Executive Park at Westchester, it was announced by London & Leeds Development Corp., the owner and manager of the 80-acre office park in Rye Brook.

JWP, which is relocating from leased space at 2975 Westchester Avenue, Purchase, had been considering a number of locations in both Westchester County and Stamford, Connecticut.

Andrew T. Dwyer, chairman and chief executive officer of JWP INC., said the company outgrew its current headquarters space and was studying a number of office locations.

JWP will occupy the entire second and third floors, as well as a portion of the first floor of Building 6, a 94,000-square-foot building at Royal Executive Park at Westchester. In addition to the headquarters staff, JWP Information Services Inc., the voice and data services unit of JWP, will relocate its offices from Canton, Massachusetts to Building 6. A combined total of approximately 325 employees will be located at the new offices.

The 10-year lease has options for expansion for up to 85,000 square feet. JWP is expected to move to its new headquarters in August.

With the signing of the JWP lease, the first and second phase of Royal Executive Park at Westchester, which totals approximately 550,000 square feet in six buildings, is nearly 100 percent leased.

Percy R. Pine IV, of the Pyne Companies, Ltd. was the exclusive broker representing JWP Inc. in the transaction. Carl Austin of Austin Corporate Properties, the exclusive leasing agent for Royal Executive Park at Westchester, represented the landlord in the transaction. Royal Executive Park at Westchester is located at 1100 King Street, just off the Hutchinson River Parkway and I-684, directly adjacent to Arrowwood Conference Center. The 80-acre office park is comprised of six modern office buildings. Plans for the third and final phase of Royal Executive Park at Westchester call for construction of approximately 345,000 square feet of additional office space.

Tenants at the park include MCI, Hoenig Group Inc., McGraw-Hill Inc., Meyer Handelman Company, New York Telephone, Hitachi Computer, Hitachi Chemical America, Prudential Insurance Company of America and Parsons & Whittemore, Inc.

Royal Executive Park at Westchester is being developed by London & Leeds Development Corp. London & Leeds is the U.S. real estate subsidiary of the Ladbroke Group PLC, one of the top 35 publicly traded companies in the United Kingdom.