Newman of Malkin reps landlord and Valenti of Newmark Knight Frank rep tenant in 5,646 s/f lease

Renewing its lease 18 months in advance of expiration, Garnet Capital Advisors, LLC, has expanded its headquarters at 500 Mamaroneck Ave. by more than 40%, according to Jeffrey Newman, executive VP of Malkin Properties, the marketing and managing agent for the building. The transaction provides the firm with 5,646 s/f, under a lease that now runs through 2016. "We looked at the market and, based on the fact the Malkins are such first-class landlords providing such first-class services and amenities, my client quickly decided to extend its presence and expand its operations at 500 Mamaroneck," said Patricia Valenti of Newmark Knight Frank, who served as the tenant broker. Malkin Construction will build out the space for the new tenant. Newman represented the landlord. Valenti of Newmark Knight Frank represented the tenant. "An early renewal and an expansion represent a dual compliment from a satisfied tenant, and we are very appreciative," said Newman. "Tenants and brokers alike are recognizing that the Malkin Properties portfolio offers not only conveniently situated trophy buildings with top-line amenities, but also financially solid ownership which is dedicated and well-positioned to fulfill its lease obligations for the full term of the lease. That peace of mind is an especially important factor today." The property 500 Mamaroneck Ave. is a five-story, 285,000 s/f, multi-tenanted office building. The building, comprising dual "center core" pods, subdivides well for multiple users within each pod, with unit size availabilities as small as 1,100 s/f. In 2002, 500 Mamaroneck received The Office Building of the Year Award (TOBY) from the Building Owners and Managers Association of Westchester County. Malkin Properties' $12 million building enhancement program includes the following expanded amenities and improvements: * State-of-the-art, tenants-only fitness center with locker room facilities; * Refurbished restrooms; * Upgraded dining facility; * Tenants-only multimedia conference facility with wireless internet access; * Refinished elevator cabs; * Totally renovated main lobby with imported marble stone flooring, walnut-stained cherry wood paneling, and new concierge desk; * Fully renovated public corridors with new carpeting, wall covering, mahogany wood portals with high-end decorative light fixtures, new ceilings and lighting; * State-of-the-art building management and security systems, encompassing closed-circuit television and electronic "palm readers" for after-hours access to the building; * ATM; * On-site management office; * Improvements to the building's electrical system; * Improved interior and exterior directional and monument signage; and * Enhanced landscaping. Malkin Properties also provides tenants-only shuttle service to the Mamaroneck train station. 500 Mamaroneck Ave. is close to all major highways (1/4 mile south of the Hutchinson River Pwy. and 1 ¼ mile north of I-95) and mass transportation, and is less than 30 minutes from New York City by car or train.