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“Homebuying momentum is building after nearly two years of suppressed home sales,” said NAR Chief Economist Lawrence Yun.
RYE BROOK—Health care services provider Westmed Medical Group will be relocating its corporate headquarters to the RPW Group’s 800 Westchester Ave. office building here.
Westmed signed a 15-year lease for 23,524 square feet on the seventh floor of the complex and will take occupancy in August. Westmed will be relocating operations from 2700 Westchester Ave. in Purchase.
Glenn Walsh, executive managing director of Newmark Knight Frank, represented building owner RPW Group, while Kevin McCarthy, managing director, Cushman & Wakefield, represented Westmed Medical Group in the transaction.
Walsh told Real Estate In-Depth that Westmed currently occupies approximately the same amount of space at 2700 Westchester Ave. The deal brings 800 Westchester Ave.’s occupancy to more than 90%.
He added that the largest block of space at the 800 Westchester Ave. building is 10,000 square feet and a number of firms have expressed keen interest in the space at the 532,680-square-foot property.
A spokesman for Westmed Medical Group stated that the firm is moving its corporate headquarters so that it can be afforded more room to expand the services its operational team offers.
Anthony Viceroy, CEO of Westmed Medical Group, said, “Westmed is poised for further growth and we were looking for a space and atmosphere for our people, where creativity and productivity could be nurtured. We feel that the space and amenities at 800 Westchester will provide us with all the right pieces to support our progress.”
The current renovations underway at 800 Westchester Ave. will make room for “large, modern training facilities, an open concept work space for employees to inspire greater creativity and collaboration, state-of-the-art amenities, and a private roof-top patio for our team to enjoy during the warm weather months,” the Westmed spokesman stated.
Westmed Medical Group has 13 offices in Westchester County and Fairfield County, CT and is staffed by a team of 500 physicians and advanced care providers and 1,500 clinical employees.
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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