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Newmark Knight Frank principal Patti Valenti
Make room, law firms and insurance companies—a larger variety of tenants are moving to downtown White Plains. “We’ve seen a healthy flow of activity and showings,” says Newmark Knight Frank principal Patricia Valenti, who reps The Winter Organization’s 81 Main Street. “It’s encouraging.” Many of these tenants are looking to expand or relocate from NYC, like Italian wine company Mionetto USA, which recently leased 6,800 SF in the building for its new US HQ in a relo from DUMBO, Brooklyn. Why White Plains' CBD? Patricia says tenants are attracted to Manhattan's proximity (a 32-minute express commute; Metro-North is right across the street); the walking distance of the County and City courthouses; and nearby amenities like the new Ritz-Carlton and numerous upscale restaurants. Let's not forget the average CBD asking rent: $31.02/SF(a steal compared to NYC).
81 Main St, White Plains, NY
The 125k SF, Class-A boutique building also recently inked three renewals and has several units totaling 10k SF of availability (divisible to 2,000 SF). James Winter, whose firm has owned 81 Main Street since 2002, says that tenants are looking for stable landlords while taking advantage of lower rates overall, upgrading from Class-B to Class-A digs. What’s next for the Westchester market: "more NYC medical tenants opening satellite locations, which will absorb vacant space for the long-term, as well an uptick in biotech tenants,” Patricia says.