W&M leasing strong in 2002.
"In spite of the market conditions, W&M was able to keep its portfolio 99% leased, with a large number of deals being negotiated on behalf of insurers and reinsurers, as well as firms in the financial, legal and accounting fields," says Newman. "The suburbs continue to attract these types of companies, which are looking for Class-A space at locations from which they can easily access Manhattan. They also want space that can be leased at rental rates that compare quite favorably to those which can be obtained for similar space in Manhattan."
Within W&M's nearly 2.1-million-SF suburban Class-A office portfolio, more than 121,000 SF of leases were negotiated in 2002 in 20 separate transactions, nine with new tenants and 11 with renewing and expanding firms. To accommodate these. leases, five existing tenants renegotiated lease terms to relinquish space. "This successful year can be attributed, in large part, to our proactive relationships with tenants and to our tenants' own dynamism. Renewals and expansions are just as important to us as new leases," says Newman. "W&M worked closely with tenants to meet changing space needs, enabling companies with excess space to avoid subleasing, and allowing W&M to retain control over the space."
In one case illustrating the company's proactive approach, W&M negotiated to take back 20,000 square feet of a First Stamford Place tenant's excess space for direct relet to Arch Insurance Company for a longer lease term.
Despite this volume of recent deals, W&M still has leasing opportunities. The largest blocks of available space, all of which are subdividable, can be found at 500 Mamaroneck Ave. in Harrison, N.Y, 711 Westchester Ave. in White Plains, N.Y. and MerrittView in Norwalk, Conn.
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|Title Annotation:||leasing at W&M Properties' Fairfield and Westchester County office buildings remained|
|Publication:||Real Estate Weekly|
|Date:||Jan 29, 2003|
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