Choyce Peterson Negotiates Pair of Long-Term Leases in Purchase, NY

WHITE PLAINS, NY, July 19, 2007 – Choyce Peterson, Inc, a tenants’ commercial real estate brokerage with offices in Stamford and White Plains, has renegotiated existing lease terms for Westchester firms Bloom & Streit, LLP and Martin Rosner & Eleftherion, Inc.  Bloom & Streit, LLP, an accounting firm, increased its occupancy at 2900 Westchester Avenue in Purchase, NY, to 5,100 square feet.  Robert Hopper, Vice President of Choyce Peterson, represented Bloom & Streit.  Martin Rosner Eleftherion, Inc., an independent insurance agency, will occupy 3,800 square feet at 2975 Westchester Avenue in Purchase.  John P. Hannigan, a Principal of Choyce Peterson, represented Martin Rosner Eleftherion.

“The market is tight for suites under 10,000 square feet in the corridor along the eastern side of Interstate 287 right now,” Mr. Hannigan observed. “Many of the buildings along Westchester Avenue have changed hands in the past two or three years, and rents for both class A and B space have been rising rapidly. In this economic climate, a tenant representation firm is a significant resource for clients who need more space or are looking to downsize.  As experienced tenant representatives, we are frequently able to uncover opportunities that translate into major cost savings over the life of the new lease. We are equipped to quantify acceptable alternatives and to provide critical intelligence to clients during negotiations,” he remarked.

“We helped Martin Rosner Eleftherion successfully restructure its existing lease obligation, lower its occupancy costs and lock in substantial long-term savings by relocating within the building.  The landlord is building out the new space to meet the client’s needs, with a target move-in date of August 1,” Mr. Hannigan said.

“Bloom & Streit needed to expand, and we helped them add new space contiguous to their current office suite, while securing substantial savings and very favorable build-out assistance from the landlord,” Mr. Hopper noted.

“We knew we needed more space and were trying to determine if we were better off moving or renewing our lease, so we called Choyce Peterson,” said Roger Berman, Principal of Bloom & Streit. “Bob Hopper took us out to see other space in our geographic area and helped us to understand the economics of our current building, including what common areas we should be paying for.  He provided us with intelligence about a lot of things, including the dimensions required for comfortably-sized offices and where to locate them, what rates we should pay for a given quality of space, and what a typical landlord will do to ready new space for a tenant.  Our landlord saw Bob in the building with us and knew we were serious about looking elsewhere.   When adjoining space to our current office became available, he came back with very good terms.  The landlord is treating us like a new tenant and underwriting a substantial portion of the cost to redecorate – putting up new walls, building new offices, installing new carpeting – we would not have gotten all that without Bob’s help.  Choyce Peterson says they provide clients with experience, integrity, effort and intelligence, and they certainly do, but I’d add another bullet.  They work in partnership with the client.  Bob wasn’t pushy with us; he offered us his opinions and gave us all the information we needed to evaluate our options,” he added.

“My father had worked with John Hannigan several years ago and was very pleased. The firm is a class act, and we were happy to call on them again,” remarked John Martin, C.E.O. of Martin Rosner Eleftherion.  “John’s experience was a great source of information for us.  He gave us a sense of the going rental rates for other buildings in the area and helped us to understand and avoid the pitfalls of doing a deal like this.  He guided us through all the negotiations with the landlord and nudged us, as needed, to keep things moving along.  I was confident he was on top of all the details, so I could concentrate on the core aspects of our insurance business.  John put in a lot of effort for us, which is obvious in the results – we realized quite substantial savings with this new lease package,” he said.

Jim Baranello of Silverite Construction Group represented 2900 Westchester Company in the Bloom & Streit lease negotiation, and Larry Ruggieri of Cushman and Wakefield represented RPW Group in the Martin Rosner Eleftherion lease negotiation.

About Bloom & Streit LLP

Bloom & Streit LLP, a general accounting practice based in Purchase, NY, has been serving Westchester and Fairfield County clients for fifty years. In addition to providing tax and accounting services to individuals and area businesses, the firm is well-known for its expertise in real estate accounting and the concerns of cooperative and condominium groups.  For more information call (914) 253-8484.

About Martin Rosner Eleftherion, Inc

Founded by John E. Martin in 1936, Martin Rosner Eleftherion, Inc. (MRE) is an Independent Insurance Agency that provides Property, Liability, and Life Insurance protection to businesses and individuals in the tri-state area. MRE represents Insurance Companies like Chubb, Hartford, Travelers, CNA, and Hanover allowing them to offer a wide array of insurance products tailored to the needs of their clients. The firm takes a personal approach when analyzing the insurance needs of their clients so that the advice is specific and the insurance solutions are comprehensive. MRE can be reached at (914) 696-3000 or via the web at www.insurancemre.com.

About Choyce Peterson, Inc.

Founded in 1997, Choyce Peterson, Inc. is a commercial real estate brokerage firm that exclusively represents corporate tenants.  The firm, which has offices in Stamford and White Plains, has completed millions of square feet of tenant representation transactions in 42 states and Canada and earned a solid reputation for experience, integrity, effort and intelligence.  The Choyce Peterson process delivers creative, comprehensive, objective and actionable real estate solutions that ensure clients derive maximum value from their real estate decisions.  Choyce Peterson can be reached at (203) 356-9600 or (914) 422-5700, or visit its Web site at www.choycepeterson.com