MasterCard focuses on the bottom line.

Only a year after it announced the end of its search for a new world headquarters, MasterCard is rethinking its priorities. A new chief executive with roots bound to the bottom line has company officials seeking ways to save even more money. While its deal at 1345 Avenue of the Americas/Burlington House will be more or less preserved, it could lose the name MasterCard World Plaza from the entranceway when it subleases nearly two thirds of its 350,000 square feet of space.

MasterCard had originally considered Westchester during its initial search, but it was dismissed for lack of a trophy address for the bank service firm's worldwide membership - a situation similar to what faced UNICEF as it backed away from a site in New Rochelle.

Though MasterCard will maintain a headquarters in New York City, the stronger city rental market has widened the spread between city and suburban Class A space at the same time the downsizing of IBM and other companies has brought sparkling headquarters sites to the marketplace, making upstate and Connecticut even more attractive for back office space. And MasterCard could even make a slight profit on the leased space, although like most companies in that position, they would be happy to break even.

According to F. David Brangaccio, senior vice president for MasterCard, who is leading the search team, this is the time to make a decision about who moves where. Build-out construction is set to begin at Burlington House, where the company is scheduled to move at end of 1995 from its current space at 888 Seventh Avenue. While that timetable is still on, Brangaccio said, "We are reevaluating our options before we get started in the final construction planning."

MasterCard still intends to commit its global headquarters and approximately 100 people to the top two floors of that space. "We aren't looking to move our entire staff out," he added, noting the company only has 550 people in New York City now. Who moves and who stays will be a function of the group's focus and its synergy with other operations, he said. One group may even be transferred to St. Louis.

While there have been some upset corporate wives, including one who complained her family had just bought a Manhattan co-op and was concerned about the commute, Brangaccio noted there are "people like me who live way up in Connecticut who commute in." Brangaccio said he lives even further north than Stamford.

On the other hand, he admits the human factor will be very important in the final decision. The company has very preliminary statistics on what people might do, based on marital status and if they have a working spouse or not, among other factors. A move to Stamford could cost the company up to 39 percent of its employees, while 33 percent would find other work rather than commuting to White Plains.

"Those can be mitigated once we've decided what to do and talk about the kinds of policies we might have in place to ease the burden," he noted.

MasterCard is scheduled to receive increasing incentives from New York City as it doubles its city staff, and the loss of that money, as much as $8 million, will have to be weighed in with other costs. "It's maybe a political and an ego blow, but we're still tied to our world headquarters," he noted. It's not like we're Morgan Stanley with all those jobs."

Nevertheless, both Westchester and Connecticut are crawling over each other trying to get to Brangaccio. He is talking to both entities but is not counting in those dollars at this time.

"We're looking at rounded costs of $500 million over 20 years if we remain in the city," he said. By moving, he expects they could save between $240 million and $272 million. "That's total cash, not present value," he added. "Those are all in costs, includes the costs of doing the deals, the commissions, the fit-out and build-outs, and includes any profit that we might get on the sublet."

Brangaccio said the spread between staying and going has increased because the suburbs are less costly than 18 to 20 months ago and the company is looking at existing facilities rather than build-to-suits.

The actual search is being concentrated at locations most accessible to MetroNorth commuter stations. Aided by Cushman & Wakefield, which is also subleasing the space at Burlington House, they have looked at other headquarters facilities including the IBM site near Harrison and the UPS headquarters in Greenwich, Conn.

A group of other buildings is clustered in Stamford, including the Stamford Towers and ABB buildings. The White Plains Gateway I, the Westchester One, and 900 King, another IBM building, have also been on the tour.

"We're looking at White Plains, we're looking at buildings across from the train station," he said. Brangaccio confessed the IBM campus property is "tricky" because it's big and for sale. "We looked at that the other day and my people are up there today," he added last Wednesday.

Michael Siegel, executive managing director of the Edward S. Gordon Company in Westchester, who represents the 47-acre I.M. Pei designed IBM campus, said, "I'd like somebody to step up to the box."

He has shown the property to a number of large tenants who are looking both in New York City and Westchester, primarily because the costs are less in the suburbs. Although IBM hopes to sell the property, Siegel is willing to work with an intrigued tenant.

"If somebody has an interest, let's sit down and evaluate the level of their interest, and at that time we'll develop the offering," he added.

John Rostenberg, a principal of Rostenberg-Doern Co., said he is the agent for Stamford Towers, where 170,000 square feet is available, located across the street from the train station. "The inspection was very complete and very professional," he said of the MasterCard contingent's walk-through.

Rostenberg said there is a wide range of pricing and property available, from brand new buildings that are substantially occupied, to rolling campus headquarters. "They've really seen the market and what the region has to offer," he said. "We want them here and want to present the best face."