(PRWEB) October 26, 2011
Choyce Peterson, Inc. (http://www.choycepeterson.com), a commercial real estate brokerage and consulting firm, today announced the successful conclusion of negotiations for Pentegra Retirement Services, a provider of retirement plan solutions, to extend its current lease and expand to a total of 34,677 square feet at 108 Corporate Park Drive in White Plains. Principals John Hannigan and Alan Peterson were the brokers for Choyce Peterson.
Choyce Peterson has represented Pentegra on two other occasions as they have continued to grow over the past 10 years. Choyce Peterson included a real estate attorney and an architect who specializes in office interiors on the relocation team as they searched Class A buildings within a 10-mile radius of the current location.
John Hannigan said, “We are always pleased when a client returns to us to represent them for their renewal negotiations or search for new office space. We firmly believe we bring leverage to the table by touring other buildings when a renewal is being considered. Our clients become educated on the market and have the confidence to act in a decisive manner, whether it is to renew or relocate. They appreciate us delivering bottom-line results.”
Hannigan continued, “There is a glut of quality vacant office space on the market; I have not seen the aggressiveness of landlords going after this type of large deal since I started in this business back in the late ‘80’s.”
“A long-term lease needs to be flexible and pliable for a tenant’s changing needs over the years; often overlooked options to expand and extend, and favorable sublease rights are important elements in these types of transactions,” stated Alan Peterson.
Robert C. Albanese, President and CEO of Pentegra, added, “Choyce Peterson‘s expertise made a substantial difference in our bottom line -- that’s why we are staying with them. When you’re dealing with a long-term 34,000 square-foot lease, the savings add up quickly. In addition to securing all the amenities we required, Choyce Peterson was able to negotiate a competitive rent as well as consolidate our company’s new space on contiguous floors. And the property offered a number of Class A amenities, including a cafeteria, shuttle service to the train station, an abundance of parking, after-hours HVAC, a day care center, access to a fitness center and a conference facility, which were important elements in our decision to renew our lease and expand upon our existing space at 108 Corporate Park Drive.
The landlord, Normandy Real Estate Partners, owns a portfolio of 14 buildings along Westchester Avenue. Mike Cottle of Normandy coordinated the transaction on behalf of the landlord with representation from James Ritman and Brian Carcatera of Newmark Knight Frank.
Pentegra Retirement Services is a leading provider of retirement products and services to financial institutions and organizations nationwide. Founded by the Federal Home Loan Bank System in 1943, Pentegra offers a full range of retirement programs, including 401(k) plans, defined benefit pension plans, ESOPs, KSOPs, profit sharing plans, 403(b) plans, 457 plans, executive benefit and director compensation plans, BOLI, and full-service private label retirement programs.
For more information, please call 203-356-9600 or write Choyce Peterson, 2001 West Main Street, Stamford, CT 06902. For commercial real estate advice and market updates, visit Choyce Peterson’s blog, Space is Money, at http://www.choycepeterson.com/blog.
About Choyce Peterson
Choyce Peterson, Inc., a corporate real estate brokerage firm focused on tenant representation, was founded by John P. Hannigan and Alan R. Peterson in 1997. With a combined 50+ years of experience representing Fairfield and Westchester County-based tenants, both on a local and national level, they understand the complex process involved in leasing office space. Company services include evaluating existing space, buildings and leases; understanding a company’s “true” space requirements; offering viable alternatives to a renewal; and determining the extent and use of leverage in negotiations. Ultimately, Choyce Peterson strives to deliver bottom-line results by negotiating the best lease terms and conditions possible in the current market.
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