HORIZONSB O M A W E S T C H E S T E R C O U N T Y

BOMA Westchester has announced the election

of Mario Tarantino as President for the 2-year

term beginning in January, 2010.

Mario, who is General Manager for Normandy Real

Estate Partners in White Plains, was elected and

sworn in at BOMA Westchester’s Annual Holiday

Luncheon and Inauguration of Officers held

December 3 at the Larchmont Yacht Club.

Mario has more than 25 years experience in

managing Class A properties including corporate

headquarters of Fortune 500 companies.

In his career, he has worked for several major real

estate companies including Tishman Speyer

Properties, W & M Properties, and Grubb & Ellis

Management Services. He is a resident of Stamford.

He succeeds Kim Zaccagnino of Malkin Properties

who has served as Chapter President for the

past two years.

OTHER OFFICERS ELECTED AND SWORN

IN FOR THE 2010 TERM WERE:

Vice President: Bill Muzzio of Reckson,

a division of SL Green

Secretary: Ian Ceppos of CB Richard Ellis

Treasurer: Joe Caruso of Northeast Realty Advisors

THE FOLLOWING DIRECTORS

WERE ALSO ELECTED:

• William Bassett of Cushman & Wakefield

• Dean Bender of Thompson & Bender

• Sean Brown of Kastle Systems

• Vinny Finnegan of Mack-Cali Realty Corp.

• John Lomurno of GlobeOp

Financial Services LLC

• Catherine Morrissey of BioMed Realty Trust

• Charles Brown, Jr. of C.W. Brown, Inc. was elected

Allied Representative.

More than 125 BOMA members and guests

attended the Holiday Party which was sponsored by

A&A Maintenance, C.W. Brown, Inc and Strauss Paper

Company.

WINTER 2010

President’s Column page 2 Office Market Update page 3 Annual Holiday Luncheon pages 4 & 5 Annual Golf Outing page 6 Marketplace page 7 Dates to Remember back cover

Designed by Thompson & Bender

Westchester ChapterElects New Slate for 2010

Hello to all and no

doubt looking forward

to the warmer weather

just around the corner.

It’s my honor to serve

as your President for

the upcoming two year-

term and I am looking

forward to working with

the Officers

and Board of

Directors go-

ing forward.

Our January “State of the Market” meet-

ing was informative and well attended

and we again thank our moderator; How-

ard Greenberg, and panelists; William

Cuddy, Glenn Walsh, Ernie DesRochers,

and Michael McMahon.

I’ve recently returned from Washington,

D.C., representing BOMA Westchester

at the Winter Business Meeting and

National Issues Conference, and must

pass on how important it is for all of us to

keep up with national issues on “the Hill”.

Following are a few highlights: Senator

Johnny Isakson (R-GA) a co-chair of the

Senate Real Estate Caucus, told attendees

that cap and trade is essentially dead in

the U.S. Senate and that tax treatments

that incentivize business are needed;

Senator Ben Cardin (D-Md.) spoke about

the current tax deductions for energy

improvements, saying they are important

but noted, “we need to improve it and

make it more realistic with actual costs.”

There are many issues being discussed

both on the Federal and State level

which will affect our business and ability

to conduct it in a financially responsible

manner. Terms such as accelerated

“Green Codes”, which are building code

changes to combat climate change are

being discussed and will

have a definite impact

on the way we conduct

business in the future.

Our continued goal is

to provide our mem-

bership with the latest

information, thus provid-

ing the knowledge and

the tools necessary in

dealing with

the imminent

changes in our

industry.

Requests for nominations for this

year’s Best of BOMA signature awards

have been sent out. This year, in addi-

tion to the Hall of Honor honorees, we

will honor five categories of signature

awards; Comeback Building of the Year,

Best Green Initiative, Best Lobby, Best

Suburban Park Setting, and Best Building

Engineer. Of course, anyone who wishes

to submit an application for a traditional

TOBY, may do so by contacting myself or

any board member. All of these awards

recognize excellence in property man-

agement and the winners are to be an-

nounced at the Hall of Honor dinner and

festivities to be held on April, 29, 2010.

Also mark your calendars for the Middle

Atlantic Conference (MAC) to be held

April 15 & 16. The conference will take

place in Atlantic City, N.J. at the Borgata

Hotel, Casino & Spa.

In closing, I would like to thank Kim

Zaccagnino, our previous President of

BOMA Westchester, for her steadfastness

and dedication to the chapter over the

past two years. Kim performed admira-

bly as President stepping down leaving

our chapter financially stable and with

increased membership.

Again, thank you Kim.

CHAPTER TO PRESENTBest of BOMA AwardsThe 2010 Best of BOMA Awards and The Office

Building of the Year award are to be presented

at the Annual Hall of Honor Awardsd Dinner to

be held April 29, 2010. The Best of BOMA categories include: Best Green Initiative, Best Lobby, Best Suburban Office Park Setting, Comeback Building of the Year and Best Building Engineer.

The Office Building of the Year (TOBY) categories are:

Under 100,000 Square Feet | Corporate Facility

100,000-249,999 Square FeetMedical Office Building

250,000-499,999 Square Feet | Government Building

500,000-1 Million Square FeetSuburban Office Park Low-Rise

Over 1 Million Square FeetSuburban Office Park Mid-Rise

Renovated Building | Industrial Office Park

Historical Building | Earth Award

BOMA WESTCHESTER LAUNCHES WEB SITEBOMA Westchester is pleased to announce the launch of its new website:www.bomawestchester.com. The new site offers information about the Chapter as well as news about upcoming events, membership, education and the Hall of

Honor. Please be sure to visit us soon!

2

Mario Tarantino | CHAPTER PRESIDENTThe President’s Column

After a long year in the saddle, companies proved their commitment to Westchester County by pull-ing the trigger in the final quarter of 2009. This led to a 96% increase in leasing velocity over last quarter

to 777,823 sq. ft. Three of the top five transactions of 2009 occurring at year end, including Reader’s Digest Associa-tion, Inc.’s 142,730 sq. ft. at 44 South Broadway in the White Plains CBD, the largest transactions of 2009.

Tenant confidence increased significantly in

the second half of the year, allowing for a gain

in momentum to push the County’s office

market into 2010 with vigor. Although the

County showed signs of a rebound, its strength

continued to be tested by another quarter of

net available space being added to the market.

The overall availability rate climbed once again

in the fourth quarter to 17.4%, an increase of

more than one percentage point since year end

2008; 16.3%. These numbers contributed to the

County’s sixth consecutive year of negative net

absorption, to end 2009 at negative 635,379

sq. ft.; a 79% increase of the level of negative

absorption reported during 2008. This perfor-

mance suggests that, regardless of the uptick in

leasing activity, the coming year lacks the

necessary stabilization to achieve a full recovery.

A particular bright spot in 2009 was a con-

tinuing trend of medical and bioscience com-

panies coming to life in Westchester County.

Notable transactions for 2009 included OSI

Pharmaceuticals, Westchester Medical Group,

Northern Westchester Medical, Premier

Health, Regeneron Pharmaceuticals, Inc. and

Scarsdale Medical Group. Trend growth is

sited to continue through 2010 as the medical

and bioscience industries continue to expand

in the region.

Driven by a number of large transactions that

occurred in the fourth quarter, the average

transaction size jumped 8% since year end

2008, ending 2009 at 6,914 sq. ft. Average ask-

ing rents dropped $1.28 per sq. ft., or 5%, over

the past year to $26.77 per sq. ft. in 2009.

Westchester County’s office leasing activity

reached 777,823 sq. ft. in the fourth quarter, a

96% increase from last quarter’s 396,451 sq. ft.

due to a number of significant non-renewal

office leases signed in the final quarter of

2009. White Plains CBD showed an impressive

year end performance by closing three of the

County’s top five transactions for the fourth

quarter, two of which were in the top five for

the year: Reader’s Digest Association’s 142,730

sq. ft., Malcolm Pirnie’s 87,306 sq. ft., and

Towers Perrin’s 44,713 sq. ft., all at 44 South

Broadway. This confirmed that tenants are

beginning to take advantage of low-cost

opportunities.

The County’s space returns outweighed its

improved leasing velocity in 2009, ending

the year at 635,379 sq. ft. of negative net

absorption. Countywide, the largest losses in

occupied space occurred in Westchester East

and North. The two segments made up 93%

of the overall level by adding a combined

587,685 sq. ft. of negative net absorption for

the year. Notable give backs in these submar-

kets due to downsizing, which then became

intra-county relocations, included Reader’s

Digest Association’s addition of 270,000 sq. ft.

in Chappaqua, Diversified Investment’s return

of 122,730 sq. ft. in Purchase, and Malcolm Pir-

nie’s release of 117,798 sq. ft. in White Plains.

The County’s availability rate grew once again

in the fourth quarter to reach an 11-year high

of 17.4%; the highest rate since 18.0% posted

at year end in 1998. However, available sub-

lease inventory fell 21% to 757,966 sq. ft. over

the past year, signaling a slow-down in this

sector. Westchester South, down nearly 4.1

percentage points to 10.2%, saw the biggest

drop in its supply while the White Plains CBD

offset returns in 2009 with a strong leasing

performance, slightly lowering its availability

rate to 18.3% at the end of the fourth quarter.

Westchester East was unable to make up the

difference, jumping by almost 2.5 percentage

points since year end 2008 to 22.4%, the high-

est in the County.

Average asking rent reductions prevailed

throughout the County in 2009; a decline

of $1.28 per sq. ft. to $26.77 per sq. ft., or

5%, from year end 2008. Westchester South

was the only submarket that asking rents

increased; a 6.5% pricing rise was witnessed

since year end 2008 to $26.37 per sq. ft. due to

a falling availability rate.

Ian Ceppos | CB RICHARD ELLIS

3

B I O T E C H S E C T O R G I V I N G

Big Boost to

B O M A W E S T C H E S T E R

i n f o c u s

4

Officers sworn for 2010 included, seated from left, John Lomurno; Vinny Finnegan; Catherine Morrissey; Ian Ceppos; and Charles Brown, Jr. Standing from left, Kim Zaccagnino; Sean Brown; Joe Caruso; Mario Tarantino; Bill Muzzio and William Bassett. Not pictured, Dean Bender.

i n f o c u s

5

Annual Holiday Luncheon& Inauguration of Officers

DECEMBER 3, 2009LARCHMONT YACHT CLUB

Thank You to This Year’s Sponsors:A&A MaintenanceC.W. Brown, Inc.

Strauss Paper Company

ANNUAL GOLF OUTINGB O M A W E S T C H E S T E R I N F O C U S

6

August 25, 2009KnollwoodCountry Club

THANK YOU TO OUR SPONSORS!

Lunch: Mack-Cali Realty Corporation

Hole in One: Kencal Maintenance Corp.

Closes to the Pin: W&M Properties

Longest Drive: Liberty Elevator Corporation

Sign Sponsor: Acme Sign Co.

Prize Fund: Reckson, a division of SL Green

Tee: A&A Maintenance Enterprise Inc.

Tee: ABM

Tee: Acme Sign Co.

Tee: Belway Electric

Tee: Creative Services Inc.

Tee: Brickman Group

Tee: The Exchange

Tee: Normandy Real Estate Partners

Tee: United Security Inc.

Tee: Westchester One

Market Place

For more information

about advertising

your business here,

please contact

Marianne Carney

1-800-726-6224

Realty Corporation

100 Clearbrook Road, Elmsford, NY 10523914-592-4800

7

Renée BrownChief Executive Officer

HORIZONSD

AT

ES

TO

RE

ME

MB

ER2

010

March 11, 2010 MONTHLY LUNCHEON MEETINGCrowne Plaza, White Plains

April 29, 2010ANNUAL HALL OF HONOR AWARDS DINNERTappan Hill, Tarrytown

May 5-7, 2010MEDICAL OFFICE BUILDINGS AND HEALTHCARE FACILITIES CONFERENCEHyatt Regency, Chicago, IL June 27-29, 2010ANNUAL CONFERENCE AND THE EVERY BUILDING SHOWLong Beach Convention & Entertainment CenterLos Angeles County, CA

BOMA Westchester OfficersMario Tarantino, PresidentBill Muzzio, Vice PresidentIan Ceppos, SecretaryJoe Caruso, TreasurerKimberly Zaccagnino, Immediate Past PresidentMarianne Carney, BOMA Association Executive

Board of DirectorsWilliam BassettDean BenderCharles Brown, Jr. (Allied Representative)Sean BrownVinny FinneganJohn LomurnoCatherine Morrissey

Past PresidentsPeter L. AriesJohn J. BarnesGreg CamiaTammy CuomoMark DurnoDavid J. Friedman, Esq.S. William Friedman, Esq.Al GutierrezAnthony Lifrieri, RPAEllen Lynch, RPADavid MarksBarbara Stephenson, RPA

Designed by Thompson & Bender