COMMERCIAL REAL ESTATE
CUMMINGS & LOCKWOOD: A LEADER IN COMMERCIAL REAL ESTATE
Cummings & Lockwood’s Commercial Real Estate Group provides sophisticated legal counsel to meet the varied needs of our clients at the local, regional or national level, ranging from real estate development, sales and acquisitions, joint ventures, portfolio transfers and commercial and retail leasing to financing and litigation matters.
The firm has played an integral role in many of the major real estate developments in Connecticut over the last half-century. As a result, our Commercial Real Estate Group has been nationally recognized as a Tier 1 firm in Real Estate Law by Best Lawyers®.
Representative Transactions
In 2024, we served as counsel on numerous transactions representing individual clients, companies and developers, including:
• Handled an international headquarters relocation involving a global reinsurance company for a major institutional owner/ developer client.
• Represented the landlord in a major international bank’s Connecticut headquarters property.
• Represented numerous nationally-known hedge fund entities as tenants in various major lease and construction transactions.
• Represented a widely recognized New York commercial real estate family in a multihundred million dollar master lease restructuring transaction involving a private equity firm’s international headquarters.
• Represented a centuries-old commercial real estate family in connection with various substantial building and leasehold mortgage financings.
• Represented a family real estate fund in leasing and renovating a substantial headquarters property to a major law firm.
• Represented a nationally recognized educational institution in their acquisition, redevelopment and bond financing of several significant campus properties.
• Represented the owner and developer in connection with a $15,000,000 construction financing to redevelop a Greenwich Central Business District property.
• Represented the landlord of a commercial office building in Stamford in the negotiation and drafting of an approximately 124,000 rentable square feet lease in connection with the company’s headquarters relocation.
• Represented a major family office client in connection with their commercial real estate assets, including a substantial lease restructuring for their national headquarters.
• Represented an international insurance company in connection with an approximately 40,000 rentable square feet lease in a suburban Chicago office complex.
• Represented the landlord of a commercial office building in Stamford in connection with multiple leases as part of the building’s renovations and repositioning.
• Represented the owners in connection with the sale of a portfolio of five commercial buildings in Manhattan for approximately $28,000,000.
• Represented an alternative asset management company in connection with the expansion of their Greenwich office, which included negotiating a new direct lease and assuming a sublease.
• Represented the tenant and parent guarantor in connection with the extension and modification of an approximately 90,000 rentable square feet office and medical re-
search and development lease in Manhattan.
• Represented a medical equipment manufacturer in connection with an approximately 33,000 rentable square feet lease at an industrial park in Massachusetts for office, light manufacturing, and engineering and product development purposes.
• Represented a growing roofing contractor company in connection with multiple office leases in New Jersey.
• Represented the sellers of a commercial property in Windsor, Connecticut that was required to comply with the provisions of the Connecticut Transfer Act.
Contact Information
For more information, contact Scott T. Witthuhn, Principal, Cummings & Lockwood LLC, 6 Landmark Square, Stamford, CT 06901, 203.351.4276, switthuhn@cl-law.com, www.cllaw.com.
AVE Hamilton Green – The Art of Modern Living
AVE, the award-winning residential real estate brand of Korman Communities, in partnership with RXR, introduce AVE Hamilton Green. Located at the site of the former White Plains Mall, these two modern residential high-rises – 25 Cottage Place and 5 Cottage Place – are designed to delivered elevated apartment living in Westchester County.
25 Cottage, the first of two towers delivered, is currently accepting moveins for studio to two-bedroom residences including penthouses, as well as unique live/work loft apartments. This 12-story, state-of-the-art community offers both traditional luxury apartment rentals and flexible-stay, fully furnished apartments for 30 days or longer.
Residences boast condo-quality, European finishes featuring floor-to-ceiling windows equipped with View Glass, a dynamic smart
glass transitioning technology that delivers optimal natural light throughout the day; stainless steel appliances; soft-close, wood cabinetry; quartz countertops and backsplashes; thoughtful closet space; and durable, wood-inspired vinyl plank flooring.
AVE’s unique flexible-stay furnished apartments are fully accessorized with all the comforts of home, from all appliances and cookware to linens to an in-residence washer and dryer to all utilities, so you just need to bring your suitcase.
“At AVE, our mission is to help our residents live better, and we do so by focusing on delivering and innovating quality, flexibility, service, and community,” says Lea Anne Welsh, president of AVE and COO of Korman Communities. “Our fully furnished apartments provide a comfortable short-term living solution for anyone who needs flexibility due to a work relocation,
extended business trip, being in between homes, seasonal travel, or lifestyle change. For those who desire carefree apartment living year-round, we have a variety of luxury apartment floor plans with premium amenities. Our friendly, professional service team is on site 24/7 to provide a quality living experience and a sense of community through concierge support, events, and partnerships.”
All residents enjoy complimentary access to first-class, on-demand business, wellness, and leisure amenities include a business lounge with conference rooms, individual work pods, and high-speed WiFi, a resident lounge with comfortable seating and indoor gaming, a 24/7 fitness center with dedicated studio space, an indoor pool, and an outdoor terrace. Additional conveniences include a hot beverage station, residential mail and package
rooms, and pet-friendly facilities such as a dog wash and indoor dog run.
“We were excited to expand our partnership with Korman Communities and the AVE brand in our core region of the New York metro area,” said Whitney Arcaro, Chief Revenue Officer, RXR Residential.
“Taking the successful AVE brand and platform to White Plains further punctuates the living experience with AVE’s exceptional personalized lifestyle programming and best-in-class, high-touch services, as well as AVE’s industry-pioneering furnished flexible-stay offering.
AVE communities seamlessly adapt to each resident’s lifestyle, creating a sense of both members-club exclusivity and a welcoming, all-access environment for short and long-term stays.”
For more information, visit: avehamiltongreen.com.
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[February 28, 2025] – (Rye Brook, NY) – CoStar Group, Inc., a leading provider of commercial real estate information, analytics and online marketplaces, announced today the recipients of the 2024 CoStar Power Broker Award, recognizing professionals and firms who closed the highest transaction volume in commercial real estate deals in their respective markets.
In Westchester/So Connecticut, Houlihan Lawrence Commercial has been recognized as the most active local dealmakers with the presti gious industry award.
The CoStar Power Broker Award program has honored the industry’s elite for 25 years. Please help us in congratulating Houlihan Lawrence Commercial on their 2024 CoStar Power Broker Award in Top Firm Westchester/So Connecticut.
About CoStar Group, Inc.
CoStar Group (NASDAQ: CSGP) is a global leader in commercial real estate information, analytics, and online marketplaces. Founded in 1986, CoStar Group is dedicated to digitizing the world’s real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives.
CoStar Group’s major brands include CoStar, a leading global provider of commercial real estate data, analytics and news; LoopNet, the most trafficked commercial real estate marketplace; Apartments.com, the leading platform for apartment rentals; and Homes.com, the fastest-growing residential real estate marketplace. CoStar Group’s industry-leading brands include STR, a global leader in hospitality data and benchmarking, Ten-X, an online platform for commercial real estate auctions and negotiated bids and OnTheMarket, a leading residential property portal in the United Kingdom.
CoStar Group’s websites attracted over 163 million average monthly unique visitors in the third quarter of 2024, serving clients around the world. Headquartered in Arlington, Virginia, CoStar Group is committed to transforming the real estate industry through innovative technology and comprehensive market intelligence. From time to time, we plan to utilize our corporate website as a channel of distribution for material company information. For more information, visit CoStarGroup.com.
CURRENT TRENDS IN THE WESTCHESTER OFFICE SPACE MARKET
As of early 2025, the office space market in Westchester County is experiencing notable shifts influenced by various economic and social factors. Known for its close proximity to New York City, Westchester has seen both challenges and opportunities in recent years. We provide here a quick overview of notable trends.
Market Trends and Demands
There has been persistent decreased demand for office space as result of the hybrid work model that was adopted by many companies during the pandemic. In Westchester, 2024 closed with record high office space vacancy rates. Many businesses have reduced their physical office footprints and others are seeking flexible and modern spaces that can accommodate a mix of in-office and remote work. As a result, there has been an increased demand for co-working spaces and office buildings with advanced technological and economic-friendly infrastructure. While the demand for office space has certainly decreased, it is not dead. As many New York City based companies are re-evaluating their postpandemic office space needs, some businesses are shifting toward smaller, more flexible office spaces in suburban areas like Westchester, where employers can provide their employees with convenient, less congested alternatives to citybased offices.
We have also seen an increased demand in the industrial real estate sector which has been fueled by the rise in ecommerce businesses and the need for logistics and distribution centers. Given the prime location of Westchester County, there is a tremendous opportunity for growth in the evolving real estate market.
Development and Renovation Proj -
ects
Several development and renovation
projects are underway in Westchester. The projects are aimed at revitalizing older office buildings and creating new, state-of-the-art office spaces or converting existing vacant office space to residential units. Many developers are looking for creative opportunities to diversify their portfolios to adapt to the changing and uncertain market. Projects are designed to meet the evolving needs of businesses with an increased focus on sustainability, energy efficiency and flexible work environments. Recent projects have included the conversion of former industrial sites into modern
office complexes and the renovation of existing office buildings to include more collaborative spaces and advanced efficiency and technology. There are a number of projects following this blueprint on the horizon, including in White Plains, where there are several development projects for mixed-use spaces underway.
Future Outlook
Looking ahead, the office space market in Westchester County is expected to continuously evolve to adapt to the changing work patterns and economic
conditions. The emphasis on flexibility, technology, and sustainability will likely drive future developments and attract businesses seeking modern, adaptable office environments. While challenges remain, such as balancing vacancy rates and rental prices, the overall outlook for the office space market in Westchester County remains cautiously optimistic.
Bleakley Platt & Schmidt, LLP is prepared to assist and guide our clients through whatever challenges or opportunities await. Contact Jennifer A. Lofaro at (914) 287-6136 or jlofaro@bpslaw.com.
