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Owners Seeking Tenants After $23M Sale Of Mbia Campus

ARMONK, N.Y. -- Tenants are being sought after the MBIA campus in Armonk was sold for $23 million, an amount obtained from records filed with Westchester County. 

The former MBIA campus in Armonk.

The former MBIA campus in Armonk.

Photo Credit: Contributed

The sale previously was reported last week by Daily Voice.

The sale by the bond-insurance company was coupled with a $92,000 transfer tax.

MBIA sold the property at 113 King St. to a joint venture between affiliates of the Manocherian family and Steven Wise Associates, LLC. 

In an interview, Steven Wise called the commercial space "pristine" and said it is in "move-in condition."

Wise said refilling the vacant office space is a "primary focus." He did not rule out the possibility of adding other uses to the campus in the future.

The property is about 38 acres and has two office buildings with roughly 300,000 square feet of space, broker Cushman & Wakefield stated in its announcement of the deal. The buildings have 190,000 and 110,000 square feet, respectively, Cushman & Wakefield states, adding it has approvals to add more than 240,000 square feet of additional space.

The press release calls the site the "Airport Campus."

The deal includes a total of three parcels, with two having addresses on Weber Place, according to the deed-transfer document.

The campus can support multiple tenants, Wise noted. Improving the office space is also planned.

The deed-transfer filing lists the seller as National Real Estate Holdings of Armonk, LLC, which regulatory filings show is an MBIA subsidiary.

MBIA moved out of its Armonk campus and went to leased office space in Purchase last year, according to a regulatory filing from the company.

The deed document also provides some information on how the new ownership is structured. The direct buyers are listed as five limited liability companies that each have the "Airport Campus" name followed by Roman numerals from one through five. The five buyers have varying ownership stakes in the site.

 

 

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