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Morgan Stanley's decision earher this year to buy the former Texaco headquarters in Harrison, N.Y., quickened Westchester's pulse. The company's quest to replace its World Trade Center quarters last fall had raised hopes for a burst of interest in the county's ample stock of vacant office space.
While the 725,000-square-foot transaction shrinks the county's availability rate a full two points to 14.8%, it's not the beginning of a trend. Despite a flurry of interest after Sept. 11, some 4.8 million square feet of Class A office space is still on the market in Westchester.
"Sept. 12 through 17 were crazy days with countless phone calls. We sent out 150 listings," says Cory Gubner, president of Chase Commercial Real Estate serving Westchester. "But we had one showing. I think the number of total deals in the county was something like five."
Real estate pros continue to tout...