Top Investment Firm Signs Second Lease Extension At Malkin Properties’ 500 Mamaroneck Avenue in Harrison

July 20, 2010

HARRISON, NY – ReachCapital Management, LP, a leading international equity investment firm, has extended its lease at 500 Mamaroneck Avenue through 2020, according to Jeffrey H. Newman, executive vice president of Malkin Properties, the marketing and managing agent for the building.

ReachCapital has relocated to a 3,012-square-foot office on the second floor for a ten-year term. This marks the firm’s second renewal since tenancy began in 2001.

“Our ability to monitor and accommodate the changing space needs of the tenants housed in our trophy properties is a point of pride at Malkin Properties,” says Mr. Newman.

“ReachCapital wanted to remain in occupancy at 500 Mamaroneck within smaller premises, while at the same time the Manhattan-based full service law firm Marin Goodman LLP wanted to relocate from Wall Street to 500 Mamaroneck, and ReachCapital’s larger, 5th floor unit was ideally suited for Marin Goodman’s space requirement. We are delighted to have relocated and extended ReachCapital and, in so doing, to have also been able to finalize a new ten-year lease transaction with Marin Goodman at 500 Mamaroneck Avenue.”

Mr. Newman and senior leasing associate Kimberly Zaccagnino represented the landlord in the ReachCapital lease extension and relocation transaction. The tenant represented itself.

The trophy property 500 Mamaroneck Avenue is a five-story, 285,000-square-foot, multi-tenanted office building located in Harrison, N.Y. between the Hutchinson River Parkway and I-95.

The building, comprising dual “center core” pods, subdivides well for multiple users within each pod, with unit size availabilities as small as 1,100 square feet.

In 2002, 500 Mamaroneck received The Office Building of the Year Award (“TOBY”) from the Building Owners and Managers Association of Westchester County.
Malkin Properties’ $12 million building enhancement program includes the following expanded amenities and improvements:

• state-of-the-art, tenants-only fitness center with locker room facilities;
• refurbished restrooms;
• upgraded dining facility;
• tenants-only multimedia conference facility with wireless internet access;
• refinished elevator cabs;
• totally renovated main lobby with imported marble stone flooring, walnut-stained cherry wood paneling, and new concierge desk;
• fully renovated public corridors with new carpeting, wall covering, mahogany wood portals with high-end decorative light fixtures, new ceilings and lighting;
• state-of-the-art building management and security systems, encompassing closed-circuit television and electronic “palm readers” for after-hours access to the building;
• ATM;
• on-site management office;
• improvements to the building’s electrical system;
• improved interior and exterior directional and monument signage; and
• enhanced landscaping.

Malkin Properties also provides tenants-only shuttle service to the Mamaroneck
train station. 500 Mamaroneck Avenue is close to all major highways (1/4 mile south of the Hutchinson River Parkway and 1 ¼ mile north of I-95) and mass transportation, and is less than 30 minutes from New York City by car or train.

Another Malkin trophy property in Westchester County is Ten Bank Street, a 225,000-square-foot, 12-story office building located one block from the White Plains Transportation Center, in the heart of the White Plains central business district.

Malkin trophy properties in neighboring Fairfield County, Conn. are: First Stamford Place, a three-building, 810,000-square-foot office complex located along I-95, adjacent to the Stamford Transportation Center; Metro Center, a 285,000-square-foot property at the Stamford Transportation Center; and MerrittView, a 255,000-square-foot office building located at the Merritt Parkway’s exit 40A.

The company’s portfolio of suburban office buildings totals 1.85 million square feet of prime space in Westchester County, N.Y., and in Fairfield County, Conn.

Malkin Properties provides full turn-key deal-making and management services, including marketing, lease negotiations, design, construction, management and cleaning services, all performed in-house.

The firm is committed to sustainable property operations and development, including energy efficiency, water use reduction, waste and recycling and indoor environmental quality initiatives.

Broker commissions are paid in full as soon as leases are signed. Malkin Properties is the real estate management, marketing and acquisition arm of the Malkin family, which has commercial and residential operations in seven states.