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 White Plains, NY - Cushman & Wakefield announced that APS Healthcare Inc. (APS) signed a long-term lease for 44,082 square feet at Westchester One, an 852,000-square-foot building located at 44 South Broadway in downtown White Plains.
The privately held specialty healthcare company will locate its new corporate headquarters here later this summer.
Founded in 1992, APS and its 1,300 employees provide a wide range of specialty healthcare solutions to more than 20 million members across the U.S. and Puerto Rico.
“We are very excited about the move,” said Jerry Vaccaro, MD, President and COO of APS. “After an extensive site-selection process, our management team felt that Westchester One would provide the best facility for our rapidly growing organization.”
Cushman & Wakefield represented both the tenant and landlord in the transaction negotiations. Mark Silver, senior director, Rick Donohue, executive director, and Gary Glatter, associate, represented APS. Josh Kuriloff, vice chairman, and Gregory V. Frisoli, senior director, represented Westchester One’s owner, an affiliate of Beacon Capital Partners, LLC.
“Westchester One was a great fit for APS Healthcare,” said Mr. Silver. “The building’s large floor plates can accommodate the firm on a single floor, and the property is a well-run building with a substantive image and a full amenity package. APS achieved all of this at a lower cost per square foot than its former lease.”
Cushman & Wakefield has led an aggressive marketing campaign to lease the building for headquarters or multi-tenant occupancy. Since the leasing effort began, more than 240,000 square feet have been leased. There is currently more than 300,000 square feet of built and furnished space available.
“Westchester One’s downtown location combined with its superb amenity package and new property renovations, offered APS Healthcare the best match of available options in the market,” said Mr. Kuriloff. “Westchester One was also an ideal alternative to New York City, providing lower cost space without compromising workplace amenities and commute advantages.”
“White Plains has become an extremely viable relocation alternative because of the excellent transportation infrastructure, easy access to area airports and local highways, the highly educated labor pool and the evolution of the city itself into a burgeoning urban environment,” said Mr. Frisoli. “Leasing momentum at Westchester One is active and we are in talks with a number of tenants from varying industries with large space requirements.”
Beacon Capital recently completed a $13 million dollar capital-improvement program to Westchester One, which included renovations to the lobby, restrooms, cafeteria, elevator cabs, walkways, exterior landscape beautification, and building improvements, such as a new roof, cooling towers and a supplemental cooling system. Shuttle service to the White Plains Metro North train station was introduced and enhanced security features throughout the building and the parking garages are in place.
APS joins a roster of prestigious tenants at Westchester One, including Disney Publishing, Loews, and Cravath, Swaine and Moore.
Built in 1975, Westchester One is the largest office tower in White Plains. The Class-A property is surrounded by three high-end malls (including The Westchester), major hotel chains (including a new Ritz Carlton), a multitude of restaurants and entertainment venues and upscale residential areas. Westchester One is located just 35 minutes from midtown Manhattan and offers spectacular views of downtown White Plains and the surrounding area.
“The capital improvements made to Westchester One have proven to be extremely attractive to corporate tenants,” added Mr. Kuriloff. “There is a rising trend among savvy corporations to lower their occupancy costs by considering the economic realities of White Plains when compared to Manhattan’s exorbitant rents. The City of White Plains is undergoing a renaissance and the renovation and redesign of Westchester One offers a solution to tenants seeking affordable office space that supports workforce optimization.”
About APS
APS Healthcare is a leading provider of specialty healthcare solutions that serve more than 20 million members in the United States and Puerto Rico. APS delivers customized, integrated healthcare solutions that help people engage in behaviors that optimize their health status. APS operates under the belief that uniting all participants in the healthcare landscape – individuals, practitioners and payers – improves overall health and reduces total healthcare spending.
About Cushman & Wakefield
Cushman & Wakefield is the world's largest privately held commercial real estate services firm. Founded in 1917, it has 221 offices in 58 countries and more than 15,000 employees. The firm represents a diverse customer base ranging from small businesses to Fortune 500 companies. The firm publishes a broad array of proprietary reports available on its online Knowledge Center at www.cushmanwakefield.com.
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