OnMoney.com Signs Major Expansion Deal

OnMoney.com, an on-line, interactive financial management company, has signed a major expansion lease that will give it approximately 40,500 sf of space at RiverView at Purchase. The firm will occupy the entire fourth floor of the 122,00-sf building at 287 Bowman Ave., according to Howard Greenberg, principal of Howard Properties Ltd. of White Plains, which represented the company. FMB Real Estate Services LLC dealt for the building owner, Phoenix Capital Partner LLC. FMB, headquartered at 70 West Red Oak Lane in White Plains, is a majority partner in Phoenix Capital Partners, which purchased the building from New York Life Insurance Co. in May.

Greenberg says OnMoney.com has grown considerably in a very short time. The veteran commercial broker notes that he negotiated the company’s 29,037-sf lease at 1109 Westchester Ave. (formerly the offices of Nine West Corp.) in February. The company relocated from approximately 7,700 sf of space at 3 Gannett Drive in White Plains.

However, after Starwood Hotels and Resorts Worldwide signed a major sublease at the property earlier this year, the building owner asked OnMoney.com officials if they wanted to relocate from 1109 Westchester Ave. Greenberg says. In fact, the company contacted him, explaining that they needed more space and thus began its search for new, larger quarters.

Frank Boccanfuso, managing partner of FMB, says OnMoney.com is expected to take occupancy in the fourth quarter of this year. Although no lease term was released, he estimates the total commitment will exceed $10 million. FMB Asset Management LLC and Stamford, CT-based A. PapaJohn Construction Management Corp. will handle tenant construction.

Bocanfuso says that this is the first transaction at the property since his firm acquired it. “We have three other companies we are in negotiations with for a majority of the space,” he notes. He calculates that the three deals, if closed, would result in a total of 61,000 sf in additional leased space at the site.

OnMoney.com, founded in 1998, allows users to consolidate and manage their finances in one place by enabling them to download and consolidate personal account information from more than 200 banks, brokerages, mortgage lenders, credit card providers and other financial institutions.