Newmark Knight Frank to Lease Westchester County Office Building
- Oct 22, 2019
Newmark Knight Frank has received the assignment as exclusive leasing agent for 100 Manhattanville Road, a 290,631-square-foot Class A office building in New York’s Westchester County that has just been acquired by RPW Group.
The four-story building sits on 23.8 acres of landscaped and wooded land and was originally completed in 1986 as Nestle’s corporate headquarters. It was later converted into a multi-tenant building and has since served as home to several companies, including Mastercard and Triton Container International.
The property is 33.4 percent vacant, according to information provided to Commercial Property Executive by Yardi Matrix. That space appears to be concentrated on the 82,000-square-foot fourth floor, which is available in its entirety and represents, according to NKF, the largest contiguous block of Class A space in the Eastern I-287 submarket. The NKF team representing the landlord is led by Executive Managing Director Glenn Walsh and Senior Managing Director Lawrence Ruggieri.
The building’s amenities include a full-service cafeteria with views of the office campus and theater seating options, a fitness center, a 24/7 concierge desk, and back-up power for all tenant space. The location reportedly provides easy access to the Rye and White Plains Metro North; the Westchester County Airport; and I-684, I-287 and the Hutchinson River Parkway.
A solid submarket
Class A office space in the I-287 East Corridor saw year-to-date net absorption of 0.4 percent on an inventory of almost 5.8 million square feet, according to a third-quarter report from JLL. The submarket enjoys a total Class A vacancy of 12.9 percent, versus 24.2 percent for Class A space countywide. The average asking rent for Class A space in the I-287 East Corridor is $28.31 per square foot. No significant office space is under development in the county, according to JLL.
In July, developer Ward Capital Management LLC announced plans to build a 24-story, 225-key luxury hotel and event center in downtown New Rochelle, N.Y. The $64 million TRYP Hotel by Wyndham reportedly will be the largest hotel built in Westchester County in 20 years.