Rye, NY - The commercial real estate investment team of Faros Properties, LLC and Gould and Company has announced the launch of an extensive multi-million dollar renovation project and leasing and marketing initiative at the International Corporate Center at Rye located at 555 Theodore Fremd Avenue, a 171,000-square foot (sf) office property in Rye, NY, which was acquired earlier this year.

The firm simultaneously announced the signing of two new office leases.

The Dorf Law Firm, LLP expanded and relocated from Mamaroneck, NY and signed a long-term lease for 15,832 sf on the third floor. The firm is well-recognized for counseling individuals and businesses of all sizes in a wide range of commercial and corporate matters. Dorf was represented by Christopher O’Callaghan of Cushman & Wakefield, Todd Albright, of Princeton Realty Group, LLC, and Mark Blandford of Diamond Properties.

TMG Energy will relocate from Manhattan, and signed a long-term lease for 3,768 sf on the building’s second floor. TMG is a stealth energy company led by Edward Miller, a member of the Advisory Board of Hudson Clean Energy Partners.  The firm was represented by Robert Lewis of Vidal/Wettenstein, LLC of Westport, CT.

“We are thrilled to announce the signing of these new leases, as we have put a great deal of work into planning the improvements to this property,” said Jeremy Leventhal, Managing Partner, Faros Properties. “Tenants have responded positively to the efforts we have taken to reposition this asset and the results speak for themselves. We greatly look forward to welcoming new tenants and retaining our tenant base.”

As such, Faros and Gould has committed to the repositioning of the property and has initiated a major capital improvement program.  The landlord has also named Gregory V. Frisoli, Senior Director, and Larry Ruggieri, Director, of Cushman & Wakefield as the exclusive leasing agent.  Currently, there is approximately 40,000 sf available for lease, with units ranging from 2,000 – 15,000 sf within the three-story property, which was built in 1990.

“The renovation of 555 Theodore Fremd is proceeding on schedule and will provide tenants with ideal lease opportunities in a competitive marketplace,” said Mr. Frisoli. “The property renovations have attracted numerous tenants in the market and we’ve signed two new leases as a result of the landlord’s proactive management style and commitment to this facility.”

Exterior capital improvements to the property include an overhaul of the main entrance, with prominent monument signage, landscaping and fountain overhaul, and renovation to the parking lot. New interior/exterior signage and renovations to the building’s entry point and rotunda will be installed to enhance the welcoming aesthetic to the property.

Interior improvements will feature renovations to the lobby, which include the installation of a commissioned 3form chandelier that will serve as a focal point of the improvements, as well as refurbished common corridors, a new dining facility, ceiling tile and chair rail, lighting fixtures, painted walls, stained doors, carpeting, and furniture. Common area bathroom improvements will include new ceiling tile, LED lighting and painting. Fitness center renovations include expanding the gym floor area, the installation of new equipment, light fixtures and rubber flooring, and an overhaul to the restrooms with newly painted stalls, shower doors, water resistant ceiling tiles, and LED lighting.

“The acquisition of 555 Theodore Fremd was an exceptional investment opportunity, which allowed us to purchase a quality asset at a competitive basis,” said Alexander Leventhal, managing partner, Faros Properties. “We are very pleased with the commencement of the renovations.”

Faros Properties and Gould and Company purchased 555 Theodore Fremd Avenue in March of this year.

“The property fits in well within our investment strategy of acquiring quality, well-located, value-add, and reasonably priced assets.” said Elliot Gould, managing partner, Gould & Company.   “We continue to seek additional direct and venture investment opportunities in the New York Metropolitan region as we expand our portfolio.”