Bronx awaits office complex.

Ever since Fordham Plaza was built over a decade ago, the Bronx has witnessed few class "A" office developments. The Hutchinson Metro Center -- nearly half a million SF of new office space -- is about to change that.

The HMC has already signed on Visiting Nurse Service of New York for 50,000 SF. The VNS signed a 12-year lease for the entire third floor of the building, which it plans to occupy by next spring. The remaining 410,000 SF aren't leased, making the bulk of the project speculative.

"This is where the city meets the country," said the project's developer, Joe Simone.

The project's first phase--estimated to cost $50 million--will be done next spring.

Simone is now finalizing leases with two tenants, including a college and a standard office user. "The Bronx has been real estate's best kept secret," said Simone, who boasted of the area's very low office vacancy rate.

The reason is that the inventory of space is very tight. That's not to say that other developments have not been slated for the Bronx. Last fall, the Related Companies was designated to build a 226,000 SF office/retail complex just north of the Hub. It was reported at the time that the project would consist of 164,300 SF of retail space, with nearly 62,000 SF of office space. Kmart had expressed an interest in anchoring the project.

Tara Stacom and Shawna Menifee of Cushman & Wakefield are the center's leasing brokers. Stacom represented the VNS in its 50,000 SF lease before being appointed the center's leasing agent.

"After September 11th, we've started to market this property as a secondary office location for firms," said Stacom, an executive vice president at Cushman & Wakefield.

So far, law firms and investment banks have shown interest in the center as a secondary office venue. The asking rents will range from the high $20's to the low $30's, according to Shawna Meniffee, C&W's associate director. Since there are few comparable projects slated to open up in the Bronx next year, both brokers see the HMC as a good fit for the area -- and those firms looking to spread their operations out.

The Center will feature a bank, a teleconferencing center, a convenience store, a health club, and a shoeshine stand. The Center's location is central to the trains and highways. The #6 subway line is only one block away and the Metro-North station is four blocks away.

The project is expected to bring between 2,500 and 3,000 new jobs to the Bronx. "We are honored to be the first tenant in the Hutchinson Metro Center, which provides such an important boost to the economy of the Bronx," said Paula Root, vice chair of the VNS board of directors.