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Airport Campus Office Park, Former Home Of MBIA, Sold In Armonk

Airport Campus, a 38-acre office park in Armonk, was sold in a cash deal to a joint venture.
Airport Campus, a 38-acre office park in Armonk, was sold in a cash deal to a joint venture. Photo Credit: Contributed

ARMONK, N.Y. – Airport Campus, a 38-acre office park that was the former home of MBIA on King Street, was sold to a joint venture in a cash transaction last week.

Cushman & Wakefield, based in Stamford, announced the sale of 113 King Street, a two-building, 300,000-square-foot premier, Class-A+ campus, located within one mile from the Westchester County Airport.

Cushman & Wakefield represented MBIA in the sale to a Steven Wise Associates, L.L.C. and the Manocherian family. The sale price was not disclosed.

Wise Associates is one of the development partners behind Chelsea Piers Connecticut in Stamford. The Manocherian family has real estate holdings in Manhattan.

Airport Campus is comprised of two interconnected premier buildings of 110,000 square feet and 190,000 square feet, and includes approvals to expand the footprint by more than 240,000 square feet.

The complex features dramatic atria lobbies and unparalleled amenities, including a 250-plus person cafeteria with a magnificent glass atrium and four private dining rooms with moveable partitions for custom-sized gatherings; a state-of-the art fitness center with fully equipped locker rooms; an auditorium and video conference center; 17 conference rooms and three smaller meeting rooms; extensive walking trails; tennis, basketball and volleyball courts; and facilities for a sundry shop, ATM, dry cleaner, and a professional mailroom; plus a separate meeting house (circa 1820) that features its own meeting rooms, kitchen and bathrooms.  The space is also fully furnished and offers a “turnkey opportunity.”

The Cushman & Wakefield sale-disposition team was comprised of Jim Jordan, senior managing director and Thomas J. O’Leary, senior director of C&W’s Capital Markets Group, along with Maureen O’Boyle, senior director, and Gerry Lees, senior director, both of C&W’s Leasing Services Group.

Cushman & Wakefield will be the leasing agent for the property.  The leasing team is comprised of Trip Hoffman, senior director, Matthew Lisk, senior director and Mike McCarthy, associate director.

MBIA, a financial services company, moved last year to Purchase. It had been at Airport Campus since 1984.

The new owner is planning a major marketing and advertising campaign to immediately meet the m requirements of headquarters-level users.

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