Outdoor space was especially important to movers to the Midwest, while movers to the Northeast were particularly driven by the need for more square footage and a better work commute.
The real estate industry has expressed concerns regarding the potential repercussions of the FARE Act.
NAR continues to believe that offers of compensation are an important option to help make professional representation more accessible.
PURCHASE—Simone Development Companies and Fareri Associates have announced recently a total of 21,518 square feet of new leases at their Purchase Professional Park campus on Westchester Avenue.
“We are very pleased to announce this latest round of leasing activity at Purchase Professional Park. Healthcare is the fastest growing industry sector in our region and Purchase Professional Park is leading the way as the location of choice for today’s medical practices. We offer an unbeatable combination of outstanding amenities, accessibility and abundant parking in an attractive campus setting,” said Joanna Simone, principal and vice president of leasing and property management operations of Simone Development Companies.
The landlord signed leases at 3010 Westchester Ave. with Westchester Park Pediatrics, a pediatric and adolescent medical practice, for 8,300 square feet, and International Research Services, a cosmetic testing company, for 5,771 square feet. Schweiger Dermatology Group leased 2,510 square feet at 3010 Westchester Ave. and was represented by Patricia Valenti of Newmark Knight Frank. Additionally, Dr. Jeremy Brauer Dermatology leased space at 3000 Westchester Ave. and was represented by Derek Ritter of SQ/FT Commercial Brokerage. Matthew Lisk, Michael McCarthy and Kevin McCarthy of Cushman & Wakefield represented the landlord on all lease transactions.
Situated on Westchester Avenue in the heart of Westchester’s “Medical Mile” along I-287, Purchase Professional Park features four modern buildings (3000, 3010, 3020 and 3030 Westchester Ave.) totaling 220,000 square feet of Class A medical and office space. 3030 Westchester Avenue is an 85,000 square-foot medical building that is fully leased to Westmed Medical Group, a large multi-specialty group medical practice.
In addition to Westmed Medical Group, some of the park’s medical tenants include Burke Rehabilitation, ENT & Allergy Associates, Greenwich Hospital, Northern Westchester Hospital Associates, Rye Orthopedic Associates, Greenwich Oral & Maxillofacial Surgery Associates, Merit Dental Inc; Liberty RC, Inc AKA Davita and Lederman & Lederman, LLOP.
Amenities at Purchase Professional Park include a cafe, which is undergoing a renovation to be completed in the summer of 2021, a fitness center, 24/7 building access with camera security, a landscaped courtyard with seating areas, on-site owner management and abundant complimentary parking. In addition to the Café, The Espresso Guys Coffee Truck visits the complex daily for additional food and coffee needs.
Lowe’s and Sam’s Club are situated within the larger Hudson Valley Plaza, a 673,000-square-foot regional power center, anchored by complementary retailers such as Walmart and PetSmart, among others.
Boasting a vacancy rate in the low 4% and uninterrupted positive trends in rental rates, fundamentals for Westchester multifamily are strong.
Brokers contend that companies will be attracted to Class A-type space, while properties rated at either B or C will have trouble attracting tenants.
The Orange County Partnership attends the SEMI Industry Strategy Symposium in Half Moon Bay, CA to promote Orange County as "the bridge" between New York City and Albany, and a shovel-ready market with sites ready for major semiconductor manufacturing investment.
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