"It's like looking for a needle in a haystack," Mr. "That building is designed for a single user," he explained, "and will not affect the marketability of other buildings that attract the small to mid-size user."įinding the right buyer or tenant might not be easy. Furthermore, he does not expect the building to affect the marketability of other office space. "Even though Kraft has a huge effect in the White Plains market, it affects the overall county rate by just 2 percentage points," Mr. The countywide rate could increase to 19.03 percent from 17.18 percent. Factoring in the Kraft building could bring that figure up to 33.86 percent, according to Mr. Its first quarter vacancy rate for White Plains, outside of the central business district, is 20.84 percent. Gordon Company, which uses different criteria in its office reports. THE news could even be worse, according to the Edward S. When Kraft vacates its space, the vacancy rate for White Plains could rise five percentage points, said Mr. Rostenberg attributes the rise to the continued downsizing by International Business Machines, which returned 155,000 square feet to the market in downtown White Plains. Countywide, the rate rose to 19 percent from 18.7 percent in December 1995. In the meantime, his company reported a 27.8 percent vacancy rate for White Plains last quarter, up from 26 percent at the end of last year. That is expected to happen by year's end. Rostenberg's calculation of the vacancy rate in Westchester only when the space is formally put on the market. While the news about Kraft has generated much discussion, it will affect Mr. Siegel, executive director of the Edward S. "The location is spectacular," said Michael H. The building sits on a 30-acre parcel high on a hill overlooking the city. "It could be a good opportunity for a firm, but they would have to spend some funds on it to make it their own." "It was designed for that company's personality," Mr. Kraft's five-story building, which opened in 1954, was built as the headquarters of the General Foods Corporation, which last year merged with Kraft.
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