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120 Bloomingdale Road Bucks Westchester Vacancy Trend

White Plains office complex soars to 90 percent occupancy with 35,000 SF of new leases

White Plains, NY – (January 7, 2014) – With outstanding tenant care and transformative renovations as their primary tools, Faros Properties and Caspi Development have brought occupancy at 120 Bloomingdale Road in White Plains – the 145,000-square-foot luxury office complex and former Nestlé headquarters – to nearly 90 percent from 67 percent in less than one year of ownership.

The property’s success is amplified when viewed against Westchester’s sluggish commercial real estate market, where the Class A vacancy rate remains at about 20 percent. 120 Bloomingdale Road sits on six acres and stands four stories high, and is undergoing the final phase of extensive renovations that will outfit the property with an elegant, wood-paneled lobby, ultramodern conference room with videoconference capabilities, private terraces and more. The upgraded gym space has doubled in size, and will feature brand-new locker rooms, private showers, and flat screen TVs. The building will also house a full-service cafeteria. The several-million-dollar renovations were designed by Gallin Beeler Design Studio in Tarrytown.

“This completely reimagined office space attracts tenants and offers them a long-term home,” said Alexander Leventhal, co-founder and Managing Partner of Faros Properties. “The building offers outstanding amenities – such as dedicated parking and a soon-to-be open gourmet café – at a cost-effective rate.”

“Our goal is to continue to bring outstanding tenants to this iconic property,” said Joshua Caspi, Principal of Caspi Development.

Three prestigious law firms have recently leased space at 120 Bloomingdale Road in White Plains, with Cabanillas & Associates, P.C., Fentin and Goldman, LLP, and the Law Offices of Joseph R. Miano signing for a combined 23,600 SF. Other new additions include Center Management Associates Inc. (9,252 SF) and the expansion and 10-year lease renewal of Keller Williams Realty for 9,079 SF. Newmark Grubb Knight Frank Executive Managing Director Gregory V. Frisoli and Senior Managing Director Lawrence (Larry) A. Ruggieri were the leasing agents.

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, as well as The Westchester Mall, City Center, and the region’s myriad shops and eateries. Current tenants of the building include Oxman Tulis Kirkpatrick Whyatt & Geiger L.L.P., New York State, Nationwide Insurance and Byram Healthcare.

For further information, 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 Alexander Leventhal, Jeremy Leventhal and Elliot Gould as a platform to target long-term private investment opportunities. Faros primarily targets core and value-add investments in supply-constrained markets with high concentrations of intellectual capital. Faros and its predecessor companies trace their roots to successful family-owned operations. The family 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.

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 its diversity and ability to respond to market conditions and capitalize on opportunities. Over the last few years, the company has acquired through joint venture approximately 1,600 apartments in New York City. Most recent Caspi Development projects include a 500 unit apartment package in the Bronx with Finkelstein Timberger and CBRE Capital Markets, as well as a number of high end apartment projects in Brooklyn with Artemis Real Estate Partners. Other 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.

Press Contact:
Mindy Hermann