• The Wall Street Journal Today Highlights ‘Reawakening’ of Westchester Office Market

  • SEPTEMBER 08, 2014 | ECONOMIC DEVELOPMENT

  • Article Points to Surge of Innovative Healthcare Tenants and Repurposing of Office Parks – Two Initiatives Championed by the WCA’s BLUEPRINT for Westchester

  • Westchester’s office market transformation has captured the attention of The Wall Street Journal, which today published “Reawakening Westchester’s Office Market.” The article reads in part, “Medical tenants are remaking spaces left behind by large corporate operations into clinics, labs and research centers. On developer might put housing in a White Plains office district, and another firm plans to tear down two office buildings in Harrison and replace them with upscale apartments.” 


    The article goes on to quote William Cuddy, Jr., executive vice president at CBRE Group, Inc. He tells the WSJ, “We’re witnessing systemic change, and it’s going to continue.” Cuddy notes the major role played by the region’s innovative healthcare industry in transforming the market. “Medtech demand is a catalyst for growth. We’re witnessing systemic change, and it’s going to continue” he says in the article.

    Cuddy has seen firsthand the positive effects of the healthcare industry on Westchester’s economy, both in his role as a real estate executive and as chairman of the WCA’s economic development taskforce, which spearheads the BLUEPRINT for Westchester, the WCA’s aggressive campaign to drive economic vitality in the county. Driven completely by the private sector, the campaign’s goals are to repurpose existing properties to meet today's market demands, while eliminating excess market inventory.

    “This story confirms that we are well on our way to meeting our goals,” says Marissa Brett, president of the WCA. “Our BLUEPRINT achievements—this year’s groundbreaking Health Tech conference, among them—are spurring action in developing Westchester’s new economy.”

    The article, which was published in the Sept. 8 edition of the newspaper, details several recent real estate deals which highlight the millions of square feet of Westchester’s office inventory that have been adapted for medical tenants:

    • Harrison Executive Medical Park in Purchase: Simone Development Companies and Fareri Associates LP are developing a fourth building and intend to reposition it as a medical park. The 85,000-square-foot space will be occupied by WestMed Medical Group. 
    • Memorial Sloan Kettering Cancer Center is slated to open its new, 114,000-square-foot outpatient center in West Harrison in October.
    • Montefiore Health System’s purchase of a 3000-square-foot office complex from Kraft Foods in Tarrytown now houses business and administrative offices for the healthcare organization. 
    • The RPW Group owns 450 Mamaroneck Avenue, which has seen a gradual increase in medical tenants, who now occupy 30 percent of the building – with more expected in the future.

    The story also reveals several trends behind the growth of medical centers, including a retail approach to healthcare—bringing health centers closer to where consumers shop and live—and adapting office space for mixed-use, including restaurants, residential, and fitness. This type of development has also been long-advocated for by the Westchester County Association, notes Brett.

    “The WCA is leading the charge,” she said. “We are attracting new ventures and helping existing companies here, while modernizing the county for future generations to Work. Live. Play.”

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