Insurance Firm Signs 16,880 SF Sublease in White Plains

WHITE PLAINS, NY-In the largest of its three new lease transactions in Westchester, Cushman & Wakefield reports that One Beacon Insurance has signed a 16,880-sf sublease deal at 925 Westchester Ave. here.

The insurance firm signed the five-year sublease transaction with Alliance Capital. One Beacon Insurance has already moved its operations from 177 Hillside Ave. in White Plains to the 110,000-sf 925 Westchester Ave. building which is owned by EastRidge Properties.

Jay Hruska, executive director and Glenn Walsh, senior director of Cushman & Wakefield represented Alliance Capital in the transaction. One Beacon Insurance was represented by Jones Lang LaSalle.

Commenting on the deal, Hruska says, “Westchester County is experiencing an amazing recovery. Alliance Capital was able to sublease a portion of its space at 925 Westchester Ave. in a relatively short amount of time. In turn, One Beacon Insurance secured a long-term lease with favorable terms.”

C&W also brokered two new lease deals at the One North Broadway office property in White Plains. Prudential Rand Realty has leased 8,600 sf of storefront space at Met Life’s White Plains Plaza office complex for its regional/sales office. The firm will relocate those operations from lease space on Mamaroneck Ave. in White Plains. In addition, Metro Centers/Retail DNA, an owner and operator of retail strip malls, has leased 8,000 sf of space at One North Broadway. The firm will be shifting operations from Long Island and Stamford to the White Plains Plaza complex that totals more than 715,000-sf, according to C&W officials. Glenn Walsh of Cushman & Wakefield, the exclusive leasing agent at White Plains Plaza, represented MetLife in the lease deals.