W&M Talk: Prime Leasing Opportunities Available at W&M Buildings

Prime Leasing Opportunities Available at W&M Buildings

Metro Center Lobby

While leasing activity has been brisk and occupancy is high at W&M Properties' 2.1 million-square-foot, Class-A office portfolio in Fairfield and Westchester Counties, we can make available several prime spaces for credit-worthy firms seeking well-located offices in superior buildings with the best amenities and services.

"The quality of our buildings, services, amenities and management, and our track record of performance help us retain existing tenants and attract new ones," says Jeffrey H. Newman, W&M's executive vice president. "Our proactive efforts with our current tenants, which include careful monitoring of leased space that is not fully used, are creating more room for new prospects from Manhattan, Greenwich, and other areas that are choosing W&M's best-in-class buildings."

Some current tenants renewing and expanding their offices in W&M's portfolio include: Odyssey America Reinsurance Company, which now leases 105,000 square feet through 2022; Crane Co., which now leases more than 25,000 square feet through 2018; Jefferies & Company, Inc., which completed its sixth expansion and renewal transaction, extending its lease through 2022; and Mariner Investment Group, Inc., which recently expanded and extended its space commitment through 2015. (Please see the next article for a complete list of recent deals at W&M buildings.)

Prime leasing opportunities remain at Metro Center and First Stamford Place in Stamford, and 500 Mamaroneck Avenue in Harrison.

Metro Center

The flagship of W&M's suburban portfolio, Metro Center is an eight-story, 280,000-square-foot building at the Stamford Transportation Center.

A unique leasing opportunity is now available at the building. A 17,000-square-foot block on the sixth floor can be combined with a nearly 16,000-square-foot space on the seventh floor to create a duplex unit. Other availabilities range from 1,300 to 8,200 square feet.

Metro Center features: the Metro Grille restaurant/catering service; a sundry shop; a conference center with wireless internet access; a fitness center; on-site parking; 24/7 security and in-house concierge service; an on-site management office; an ATM; on-site auto rental agencies; and shuttle service to/from the Stamford Town Center and downtown shopping areas.

First Stamford Place

Located adjacent to the Stamford Transportation Center, First Stamford Place is a three-building, 810,000-square-foot office complex at I-95's exit 7. A nearly 23,000-square-foot block of space, subdividable into units as small as 2,000 square feet, is currently available. Additional leasing opportunities range from 3,000 to 10,000 square feet.

First Stamford Place features a conference center with wireless internet access, a fitness center, dining facility, sundry shop, new directional and identification signage, a new energy management system, two ATMs, shuttle service to/from the Stamford Transportation Center and shopping areas, a day-care center, an auto "spa" offering everything from basic car wash to full-detail servicing, a barbershop, an on-site management office, a concierge service, 24/7 security and secured parking.

Enterprise Zone Benefits

Metro Center and First Stamford Place are located within Stamford's Enterprise Zone, which provides new tenants with an 80 percent abatement of real estate and personal property taxes on all leased space and owned/leased machinery and equipment for five years (for a minimum annual savings of $2.75 to $3.00 per square foot), as well as a 25 percent credit against State of Connecticut corporate income taxes for 10 years.

500 Mamaroneck Avenue

500 Mamaroneck Avenue lobby

500 Mamaroneck Avenue is a five-story, 285,000-square-foot office building located between the Hutchinson River Parkway and I-95.

"After a remarkable string of partnering with the brokerage community on a number of deals, only 24,000 square feet of the nearly 100,000-square-foot offices formerly occupied by AT&T at the building remains available," says Mr. Newman.

Upon learning that AT&T would be consolidating its operations at one of its owned facilities, W&M began preparing to multi-tenant its large block of space. As AT&T vacated its offices in a series of early lease terminations, W&M gutted the existing space and installed new bathrooms and hallways. So far, seven new tenants have leased portions of AT&T's former offices.

Additional units ranging from 1,300 to 15,000 square feet will be available for occupancy in the third quarter of 2005.

500 Mamaroneck features a fitness center, a conference center with wireless internet access, a dining facility, new elevator cab finishes, new state-of-the-art building management and security systems, an ATM, an on-site management office, new directional and monument signage, and tenants-only shuttle service to the Mamaroneck train station.

Technology

Each property has high-speed internet access, including T-1 lines, fiber optics, and digital and broadband networks, as well as a dedicated telecommunications center and PBX capabilities.

For more information on these properties, visit wmproperties.com. For a listing of all availabilities throughout the W&M portfolio, see the chart below.