World Alliance Renews, Expands to 51,000 SF

WOODBURY, NY-The CB Richard Ellis team of Robert Seidenberg and Ralph Guiffre arranged a 51,000-sf lease for World Alliance Financial Corp., formerly Mortgage Warehouse, at Three Huntington Quadrangle. The financial institution was acquired by KBC Financial Products, a wholly owned subsidiary of Belgium-based KBC Bank NV, and has been a tenant in the building since leasing 7,700 sf in 1999.

The property is owned and managed by Hines REIT. A source close to the deal could not disclose taking rents, but they did tell GlobeSt.com that average asking rent is $27 per rentable sf excluding utilities.

The new 10-year transaction provides World Alliance with additional office space to accommodate its meteoric growth, CBRE explains in a prepared statement. The company is currently ranked as one of the top three Reverse Mortgage providers in the US. One of the main factors in the firm’s decision to renew and expand within the property was its back-up power capabilities. In addition to being served by dual energy grids the entire building can be operated by generator in the event of a power outage.

“Hines is pleased that World Alliance Financial Corp. and the KBC family have chosen to expand and make a long-term commitment at 3HQ,” notes Hines VP, Bart Swenson. “We are currently engaged in an extensive capital improvement program for 3HQ, with improvements to the mechanical and electrical systems, as well as building operations. We are committed to providing a superior tenant experience.”

The building offers 24/7 concierge services, a 160-seat full-service café, parking and full-time on-site management. The center core design of the building allows for a maximum amount of light, size and design flexibility. The building’s tenant roster includes several other high profile companies, including Empire/Blue Cross Blue Shield, Cigna, Cendant, Cygnus Business Media, St. Paul Travelers and Sovereign Bank.