Cushman & Wakefield Handles Westchester County's largest Office Lease Transaction of 2009

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(News Source: Cushman & Wakefield)

(HARRISON, NY) -- Cushman & Wakefield today announced that Diversified Investment Advisors, Inc, a national investment advisory firm specializing in retirement plans, leased 115,000 square feet of office space for its corporate headquarters at 440 Mamaroneck Avenue in Harrison, NY. The deal is the largest lease transaction of the year in Westchester County.

Diversified Investment Advisors, a subsidiary of AEGON, signed a 10-year lease and will occupy the entire second and third floors of 440 Mamaroneck Avenue, a five-story, 240,000-square-foot building owned by RPW Group of Rye Brook, NY. The company will relocate from nearby Purchase, NY in the second quarter of 2010.

"We evaluated several locations in and around Westchester County, said Dennis Ford, Senior Vice President of AEGON USA Realty Advisors. "440 Mamaroneck was a good fit for our company. It is well-located and professionally managed.  We were also impressed with the new property renovations and the building's great amenity package."

"It speaks volumes for our property that an esteemed firm like Diversified Investment Advisors has chosen to relocate to 440 Mamaroneck Avenue and join our roster of prestigious corporate tenants," said Robert P. Weisz, president of RPW Group. "We're quite pleased to have been able to meet the company's significant space requirement."

Cushman & Wakefield's Bill Hartman, Executive Vice President, and Gregory V. Frisoli, Senior Director, represented the tenant, and Glenn Walsh, Senior Director, and Larry Ruggieri, Director, represented the landlord.

"Diversified Investment Advisors took advantage of the competitive lease terms offered by the landlord, in a totally renovated, conveniently located Class-A office building," said Mr. Hartman.  "We had an excellent relationship with the landlord throughout the negotiation process and worked cooperatively to ensure that both sides benefited from the transaction."

"440 Mamaroneck Avenue offered Diversified Investment Advisors the rare opportunity to lease a large, contiguous block of space and remain within close proximity to its employee base," said. Mr. Frisoli. "This transaction not only marks the year's largest lease in Westchester County, but it also continues to confirm the attractiveness of the region to major corporate tenants."

RPW Group recently completed multi-million dollar renovations to 440 Mamaroneck Avenue that included total makeovers to the lobby, common areas, and elevators, as well as the installation of new mechanicals. RPW Group purchased the 440 Mamaroneck Avenue in 2006. The property is 95% leased to a tenant roster that includes Bank of New York and Castle Oil.

"RPW Group transformed 440 Mamaroneck Avenue into one of the county's premier office buildings and offered Diversified Investment Advisors the best match of available options in the market," said Mr. Walsh.  "RPW Group's position as one of the most reputable and stable owner/operators in Westchester County is extremely valuable to tenants during this time of economic uncertainty."

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