Choyce Peterson, Inc. (www.choycepeterson.com), a commercial real estate brokerage and consulting firm which specializes in representing tenants, announced the recent successful relocation of the headquarters location of Pentegra Retirement Services (“Pentegra”) (www.pentegra.com) from 108 Corporate Park Drive, White Plains, NY to 701 Westchester Avenue, White Plains,NY. John P. Hannigan and Alan R. Peterson, Principals of Choyce Peterson represented Pentegra in the lease negotiations at 701 Westchester Avenue.
When Pentegra’s landlord approached them with an offer to move to another building within its portfolio, they once again called on Choyce Peterson to review this unique opportunity, as Hannigan and Peterson had represented Pentegra in three other lease negotiations over the past 15 years. Pentegra challenged them to negotiate terms of a new transaction that would provide motivation for them to move.
Hannigan and Peterson were able to use this opportunity to consult and strategize with Pentegra regarding specific new lease terms that would lower their occupancy costs. They also provided guidance to reconfigure their existing office layout, with a goal of making it more in-line with current trends of efficient design and collaboration, as a relocation would enable Pentegra to be on one floor versus two at 108 Corporate Park Drive. Corporate Design Solutions provided expert advice on various layout options and Workplace Consulting Group guided Pentegra to mix existing and new furniture to achieve an intelligent and innovative workplace for their new space at 701 Westchester Avenue.
The end result was Choyce Peterson negotiated extremely favorable financial and business terms for Pentegra’s new lease at 701 Westchester Avenue that included:
Lower occupancy costs via reduced base rent and a decrease in the amount of square footage leased
Future rights to expand or right-size
A complete build out of the new space predicated on Pentegra’s exact layout, specs and finishes, funded by the landlord
Upgraded common corridors and bathrooms, funded by the landlord
Installation a new building roof, funded by the landlord
The new location at 701 Westchester Avenue contains an on-site café, with adjacent buildings offering a fitness center, large conference room and second café.
As John Pinto, CEO of Pentegra stated, “John and Alan expertly guided us through a complex negotiation where we were ultimately able to take already competitive average occupancy costs and lower them by 20%, while increasing layout efficiency. We also achieved future space adjustment opportunities, while maintaining the standard of the building and common areas surrounding our brand new space. We are extremely satisfied with the end results and look forward to future opportunities to again work with the specialists at Choyce Peterson.”
Brian Carcaterra of CBRE represented the landlord, Normandy Real Estate Partners, in the transaction.
Pentegra is a leading provider of retirement plan and fiduciary outsourcing solutions to organizations nationwide. Founded by the Federal Home Loan Bank System in 1943, Pentegra offers a broad array of qualified and non-qualified retirement plan solutions, TPA services and benefits financing solutions using BOLI. In addition, Pentegra, through Pentegra Investors, Inc., also serves the needs of institutional investors, offering partial or complete investment outsourcing capabilities. For more information, go to www.pentegra.com.
About Choyce Peterson
Choyce Peterson,Inc., a commercial real estate brokerage and consulting firm which specializes in tenant representation, was founded in 1997 and has offices in Norwalk, CT and Rye Brook, NY. For companies headquartered in Fairfield and Westchester counties, Choyce Peterson has negotiated millions of square feet of transactions in 42 states and Canada. The Choyce Peterson process delivers comprehensive and creative real estate solutions to ensure clients derive maximum value from their real estate decisions.