White Plains gets 2nd look as Manhattan tightens.As commercial property leasing shows continued signs of recovery in Manhattan, large contiguous blocks of prime, Class A space are increasingly difficult to find. However, the recent vacancy of a number of large corporate tenants has made available some of the region's most attractive and affordably priced real estate in Westchester County's downtown White Plains. The seat of Westchester County government and the headquarters for several prominent U.S. corporations, White Plain's is one of the most important suburban office markets in the New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. area. As with other areas, the market in White Plains has experienced the corporate contractions caused by the national recession, with a high vacancy rate that allows a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. climate for tenants to lease space. As Manhattan's prime commercial space continues to be absorbed, driving up rental rates, prospective tenants have re-examined White Plains as a viable option, and the White Plains market will once again show vitality. Prestige, convenient location, quality, and cost of occupancy are the influential factors guiding a tenant's decision to locate a corporate facility outside Manhattan. Although numerous modern corporate campuses currently stand vacant in Westchester County, buildings in downtown settings such as White Plains greatly benefit from the presence of the highly traveled Metro North train station, a mere 32 minute express train ride to Midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town Manhattan, as well as the immediate access to Westchester County government offices and facilities such as the soon-to-be completed Federal Courthouse. In addition, White Plains offers amenities such as the proximity to quality shopping, restaurants, banking and brokerage services. In preparation for the inevitable resurgence of White Plains' commercial real estate market, the Gateway Building has taken several measures to ensure its position as Westchester's leading office facility. CIGNA CIGNA CG (Connecticut General Life Insurance Company) INA (Insurance Company of North America) Investment, Inc., Gateway's owner, has assembled an aggressive team to lease and manage the property (Austin Corporate Properties and Halpern Enterprises, respectively). In addition, CIGNA has retained a world-class team of consultants to undertake an expansive $2 million property improvement project to be completed in two phases. Gateway, built in 1984 to house major operations groups for AT&T's Westchester offices, will soon have available nearly 400,000 square feet of space - one of the largest blocks of prime commercial real estate available in White Plains. The renovation project will position Gateway as a building suitable for major tenant and multi-tenant occupancy. The first phase of improvements, already completed, has been to the building's interior, glass-atrium lobby. Renovations included the reconfiguration of the concierge reception area in order to improve pedestrian circulation, as well as other upgrades that significantly enhanced the building's appearance. The architect for this project is Der Scutt Der Scutt (b. 1934) is an architect, designer of major buildings throughout New York City and the United States. His best known is Trump Tower[1] next to Tiffany and Co. on Fifth Avenue,New York, developed by Donald J. Trump. Architects of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , best known for their design of Trump Tower Trump Tower Trump Tower is the name used for several skyscrapers owned and operated by real estate magnate Donald Trump. Each of these skyscrapers is predominantly composed of residential condominiums and found in major cities. , the Revlon Building at 635 Madison Avenue Madison Avenue, celebrated street of Manhattan, borough of New York City. It runs from Madison Square (23d St.) to the Madison Bridge over the Harlem River (138th St.). In the 1940s and 50s, some of the major U.S. and other dramatic lobbies at 575 Lexington Avenue, 1613 Broadway, and the Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. & Shanghai Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. . The second phase of enhancements, approved by the White Plains' Common Council in February 1994, include extensive landscaping of Gateway's surrounding grounds and upgrading a vacant parcel of land between the Gateway building and its parking garage, directly across from the train station. The second phase will create a public space, beautifying the downtown business hub of White Plains. These improvements were conceived by M. Paul Friedberg M. Paul Friedberg, FASLA, (born 1931) is an American landscape architect. Biography M. Paul Friedberg was born in New York City where he attended Cornell University. In 1954 he emerged with a Bachelor of Science degree. & Partners, the New York City-based landscape architecture and urban design firm well known for its innovative design of numerous public spaces including Battery Park City. The Gateway building is an impressive location to conduct business in a sleek 525,000, 18-story glass and steel tower. With floors of 32,500 square feet, Gateway has available one of the most attractive large blocks of contiguous Class A space in Westchester County. |
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