Irvington, NY (03/26/2008)
An intense marketing campaign and a series of improvements have combined to transform a once-underperforming property into one of the most desirable business locations in the Westchester office submarket.
Located approximately 30 miles north of New York City, half a mile from I-287 and the Tappan Zee Bridge, Winterly Corporate Campus is a 45,882-square-foot office park on a sprawling, 10-acre hillside estate overlooking the Hudson River in the Village of Irvington.
The idyllic, exquisitely landscaped campus is comprised of three unique buildings: 90 North Broadway, an imposing three-story, 32,982-square-foot former home; 94 North Broadway, a beautiful, two-story hand-cut stone carriage house totaling 4,200 square feet; and the three-story, 9,000-square-foot 106 North Broadway, which, like 90 North Broadway, is a transformed Victorian-style Hudson River house.
The buildings are currently 100 percent occupied following a property upgrade and a 12-month marketing campaign conducted by the landlord and the Newmark Knight Frank team led by Managing Director Brian J. Carcaterra, and including Director Michael J. McCall and Associate Jamie R. Coffin, all of the Greenwich, Conn., office of the global real estate services provider.
In January 2007, landlord Carrafiello Family Properties engaged Newmark Knight Frank to assist in a repositioning effort for the property, as well as manage future leasing. At that time, the property was more than 20 percent vacant with the tenants in place paying rents some 30 percent below those commanded by similar properties within the Westchester office submarket. A portion of the property was in need of an upgrade to the common areas, which had not been refurbished in years, and there was nothing in the way of on-site restaurants, retail, or other amenities available on-site for the use of tenants.
"Our challenge in taking on this engagement was to guide ownership on changes and upgrades that would enable this property to achieve its full potential," Carcaterra recounts, "and simultaneously launch an intensive effort to lease the office space to quality tenants."
The Newmark Knight Frank team met the challenge with the immediate launch of an aggressive marketing campaign to procure tenants for the vacant space. After thoroughly researching the history of the property, the team proposed that it be re-named "Winterly Corporate Campus" after its original developer. A leasing memorandum providing in-depth information on all aspects of the newly branded campus was then produced and distributed to the area brokerage community, as well as other appropriate individuals and organizations.
Meanwhile, the Newmark Knight Frank team worked hand-in-hand with ownership and local contractors to upgrade the existing office space and completely refurbish long-neglected common areas. The team also negotiated an agreement with a food service provider to provide catering services to the property, making a broad range of dining options available to tenants through the lunch hours on a daily basis.
All these efforts paid meaningful dividends. By the beginning of February 2008, Winterly Corporate Campus was 100 percent leased, thanks to a series of new leases (done on a direct basis) with companies such as SG Investors (4,500 square feet for a headquarters office) and Propact LLC (3,000 square feet for a Westchester office). All of these transactions, as well as a number of renewals, were negotiated at rental rates directly in line or above those at other buildings in the market.
The combined efforts of ownership and its brokerage team have created a new Winterly Corporate Campus that is now a major player in the area office market, according to Carcaterra.
"Ownership has created an environment here that is second to none among properties in the tri-state region," said Carcaterra. "A combination of elegant grounds and beautiful buildings with a ‘boutique’ feel has procured outstanding NYSE companies like Prestige Brands, but also blue chip financial service institutions such as Propact LLC and SG Investors. Coupled with proximity to major highways and mass transit, this new environment has made Winterly Corporate Campus one of the most attractive places for companies to operate in all of Westchester."
Newmark Knight Frank is one of the largest independent real estate service firms in the world. Headquartered in New York, Newmark Knight Frank and London-based partner Knight Frank Newmark operate from over 165 offices in established and emerging property markets on six continents. Last year, transactions were valued at more than $47.6 billion with annual revenues of over $872 million. With a combined staff of more than 6,300, this major force in real estate is meeting the local and global needs of owners, tenants, investors and developers worldwide. For further information, visit www.newmarkkf.com.