Another early renewal at W&M's 10 bank St

Real Estate Weekly,  August 22, 2007  

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Property Resources Corporation has renewed its lease at Ten Bank Street 15 months prior to its expiration, announces Jeffrey H. Newman, executive vice president of W&M Properties, the marketing and managing agent for the building.

"This is the fourth early renewal we have seen at Ten Bank in the past year and we are expecting to see several other tenants jump in line early," said Newman.

"There is such strong demand in downtown White Plains, particularly in the transportation center submarket, where rents have increased by twenty-five percent during the past year. Property Resources Corporation was prudent to extend its occupancy at Ten Bank Street and lock in current market rates well in advance of their scheduled lease rollover, and it is no surprise that more and more of our tenants are eager to solidify their hold on spaces in our buildings."

Property Resources Corporation is no stranger to the real estate business. Founded in 1971, the firm has rehabilitated over $350 million of government-assisted housing, containing more than 4,000 New York City apartments. It also has built luxury condominiums in Manhattan.

"W&M is one of the finest landlords in Westchester," says Frank Linde, CEO of Property Resources Corporation. "We are very happy with the building, the location, and all the services we received."

The company will retain its 4,157 s/fspace on the fifth floor of Ten Bank Street through 2018.

Newman and assistant vice president Kathleen A. Caracappa represented the landlord in this transaction. Patricia A. Valenti of Newmark Knight Frank represented the tenant.

COPYRIGHT 2007 Hagedorn Publication
COPYRIGHT 2008 Gale, Cengage Learning