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MBIA Signs New Lease at The Centre at Purchase for Headquarters Relocation

Purchase, NY (04/21/2014)

10:00 AM

After an exhaustive local search, MBIA Inc., which employs approximately 245 people in Westchester County, will be moving its global headquarters to The Centre at Purchase office campus in Purchase, N.Y., according to exclusive leasing agent Newmark Grubb Knight Frank (NGKF).

MBIA, a holding company with subsidiaries that provide financial guarantee insurance, fixed-income asset management and other financial services, will occupy 84,981 square feet at 1 Manhattanville Road and 2 Manhattanville Road. The Centre at Purchase is owned by OCC Purchase LLC, a venture comprising George Comfort & Sons, Inc. and O'Connor Capital Partners. MBIA, which plans to sell its Armonk, N.Y., office property, is expected to move in later this year.

"In our search for a new headquarters location, we were seeking a space that will provide us with operational efficiencies without compromising on amenities or location," said Andrea Randolph, managing director at MBIA. "The Centre at Purchase is a top-notch facility that's centrally located only a few miles down the road from our current building. It's a perfect fit for our needs."

The Centre at Purchase, a four-building, 685,000-square-foot, Class A office campus, sits on 43 manicured acres. Conveniently located at the intersection of I-684 and the Hutchison River Parkway, it is easily accessible from Westchester and Fairfield Counties. There is private shuttle to the train station that services Grand Central Terminal, a 36-minute ride away. In addition to a full slate of building amenities-including two cafeterias, a 40-person conference center, and a fitness center-the buildings' owner is constructing a 150-seat auditorium-type conference center at the complex for use by MBIA and other tenants.

"We are excited to welcome MBIA to The Centre at Purchase," said Peter Duncan, president of George Comfort & Sons, Inc. and managing member of building ownership. "We have invested a fair amount of capital into the property to ensure that it is the top suburban office park in Westchester County and signing leases with quality tenants like MBIA is the result."

Remaining availabilities at The Centre at Purchase range from 2,278 square feet to 29,968 square feet, according to NGKF executive managing directors Stephen Banker and Hilarie Siles, leasing agents for the campus. Maureen O'Boyle, senior director, Gerry Lees, senior director, Frank Coco, executive director, and Jon Mayeske, director, at Cushman & Wakefield represented MBIA in the deal. 

About Newmark Grubb Knight Frank

Newmark Grubb Knight Frank is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF's 12,000 professionals operate from more than 320 offices in established and emerging property markets on five continents.

With roots dating back to 1929, NGKF's strong foundation makes it one of the most trusted names in commercial real estate. NGKF's full-service platform comprises BGC's real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.

NGKF 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