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Faros Properties and Caspi Development Appoint NGKF Exclusive Leasing Agent for 120 Bloomingdale Road Offices

White Plains, NY (04/02/2013)

9:00 AM

Faros Properties in partnership with Caspi Development has appointed Executive Managing Director Gregory V. Frisoli and Senior Managing Director Lawrence (Larry) A. Ruggieri of Newmark Grubb Knight Frank as the exclusive leasing agents for its 145,000-square-foot 120 Bloomingdale Road office complex in White Plains, N.Y. Faros and Caspi acquired the 6-acre, four-story former Nestlé headquarters building in late 2012.

As the exclusive leasing agents for the property, Mr. Frisoli and Mr. Ruggieri bring a combined 34 years of experience in the Westchester County commercial real estate market. Each have negotiated some of the area's largest leases and building sales, together totaling more than 17 million square feet with a 90% tenant occupancy rating, and have represented numerous high profile assignments.

"We are extremely pleased to have Greg and Larry represent this property," said Alexander Leventhal, managing partner, Faros Properties. "Both the Faros team and the team of Caspi Development feel that their decades of experience and stellar reputation in the marketplace complement our collective firms and speak to the level of quality that we envision for the future of 120 Bloomingdale Road."

Bloomingdale Road is considered by many to be Westchester County's premier shopping destination, a bonus for office tenants of 120 Bloomingdale Road. The retail corridor boasts a wide variety of high-end tenants with a national presence including Bloomingdales, Nordstrom, Neiman Marcus, Crate & Barrel, Raymour & Flannigan and more, not to mention a wide variety of dining options such as Morton's Steakhouse, The Cheesecake Factory, and Whole Foods.

In addition to the property's notable retail neighbors, 120 Bloomingdale Road is centrally located to offer an easy commute for both train and car travelers. The location also provides quick access to the downtown area of White Plains. Current tenants of the building include New York State, Nationwide Insurance, Byram Healthcare, Oxman Tulis Kirkpatrick Whyatt & Geiger L.L.P., and Keller Williams Realty.

Faros Properties and Caspi Development will oversee luxury interior and exterior improvements to the property, scheduled to commence within the year. Architectural renderings of the plans will be released in the coming months. "Upon completion of the renovations and upgrades to the property, we feel that our value proposition is going to be unmatched in this office market, period," said Joshua Caspi, owner, Caspi Development. "Coupled with the outdoor green space, private fourth floor parking deck and our attention to detail, there simply won't be a better option in this price point in the county."

Units are available and range in size from 1,500 sq. ft. to 25,000 sq. ft. For information on leasing, please contact Gregory Frisoli at 203-531-3605 or Larry Ruggieri at 914-881-1025.

About Faros Properties, LLC
Faros Properties is a New York City-based real estate investment firm established by brother's Alexander and Jeremy Leventhal and partner Elliot Gould as a platform to target distressed opportunities, resulting from the most recent economic downturn. Faros and its predecessor companies trace their roots to the successful family-owned Beacon Companies founded by the Leventhals' grandfather Norman Leventhal and his brother in 1945. The firm has for over six decades been actively involved in the construction, development, acquisition, management and financing of over 50 million square feet of real estate internationally. Faros currently owns, operates and manages half a million square feet of office space and 400 apartment units in three states, including a 70,000-square-foot building in Stamford, CT, a 170,000-square-foot office building in Rye, NY, a 140,000-square-foot office complex and 50,000-square-foot retail site in White Plains, NY, and a 400-unit residential apartment building in Pittsburgh, PA.

About Caspi Development, LLC
Caspi Development has been a leader in ownership, management and development of residential and commercial real estate for more than 40 years. Based in Purchase, NY, the company is known for being extremely diversified, acting on market conditions to capitalize on opportunities. Over the last two years, the company has acquired through joint ventures approximately 1,000 apartments in New York City by converting distressed debt into stabilized real estate owned. Notable Caspi Development projects include the 600-room Holiday Inn located in Midtown Manhattan on 57th Street; the Chambers Hotel, a luxury 80-room hotel off Fifth Avenue and 56th Street, the Stamford Marriott Hotel in Stamford, CT; the Classic in Stamford and Hartsdale, NY; 235-245 Main Street, a 158,000 square-foot office property in White Plains, NY; and The Sanborn Map Building, a 75,000 square-foot office property in Pelham, NY.

About Newmark Grubb Knight Frank

Newmark Grubb Knight Frank is one of the world's leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, Newmark Grubb Knight Frank employs more than 11,000 professionals, operating from more than 340 offices in established and emerging property markets on five continents.

With roots dating back to 1929, Newmark Grubb Knight Frank's strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, Newmark Grubb Knight Frank serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.newmarkkf.com.

Newmark Grubb Knight Frank is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.