Newmark Reports a Surge in Leasing Velocity Across Westchester County

July 27, 2023 9:00 AM

Newmark announces the firm has facilitated over 200,000 square feet of office leasing activity across Westchester County since January. The total leasing spans over 40 transactions, several of which were completed in the White Plains, Tarrytown and Rye Brook submarkets. The Newmark’s Lawrence A. Ruggieri, Glenn Walsh, Gregory Frisoli and Anthony Nusbaum participated in the transactions.

“Since the beginning of the year, we have witnessed tremendous demand and leasing activity within the Westchester County office market, as evidenced by the team’s closing of over 200,000 square feet of office leases,” said Ruggieri. “Driven by a compilation of factors, including lease expirations, needs for a larger space as employees return to office and the continuance of flight to quality.”

A high-level overview of these transactions include:

WHITE PLAINS:

42,993 square feet signed in White Plains, both in the CBD and Non-CBD. Over 13,000 square feet of leases signed at the newly renovated 10 Bank Street in Downtown White Plains, notably Offit Kurman signing for 7,220 square feet.

TARRYTOWN:

50,216 square feet signed in Tarrytown, with the long-term extension and expansion by Aerolase totaling 19,859 square feet and the 7,500 square foot long-term renewal of Midland State Bank at 120 White Plains Road.

Rothman Orthopedic expansion now totals over 17,000 square feet, leasing one full floor at 200 White Plains Road, one of many transactions recently completed within the two-building complex.

RYE BROOK:
77,299 square feet signed in Rye Brook, with notable tenant Sonic Healthcare USA, Inc signing a long-term renewal for over 65,000 square feet comprising of the entire building located at 760 Westchester Avenue.

“As we look to the second half of the year, we are eager to continue this momentum across the county as we are still experiencing an increase in activity throughout Westchester as compared to previous years,” added Walsh.

According to Newmark Research, the Westchester County office market witnessed leasing activity of approximately 400,000 square feet at the quarter’s close, an increase of 52.0% from last year. Additionally, as larger office users continued to right-size their footprint, small-sized transactions flourished, namely transactions under 10,000 square feet comprised 60% of the county’s total leasing activity.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of March 31, 2023, Newmark’s company-owned offices, together with its business partners, operate from over 170 offices with approximately 7,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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