1133 Westchester AvenueIt’s a great time to be an office tenant looking for space in Westchester, according to the Wall Street Journal. The vacancy rate is high — at 18.2 percent according to third-quarter data — and demand is low, as rents average about $22 per square foot.

The Journal cites a lease inked by law firm Wilson Elser Moskowitz Edelman & Dicker as a good illustration of these circumstances. The firm signed for 125,000 square feet at 1133 Westchester Avenue in White Plains for just $26 per square foot, and received eight months of free rent, saving it $600,000 annually compared to what it paid at 3 Gannett Drive in Harrison, N.Y. [more]

After closing a blockbuster deal to relocate Starwood Hotels & Resorts from its White Plains headquarters to Stamford, Conn., outgoing Stamford Mayor Dan Malloy said the deal may be the first of several announcements over the next few weeks.

“We have deals that could be announced literally any day,” Malloy told The Real Deal.

Connecticut Governor M. Jodi Rell said this week that Starwood signed to relocate its corporate headquarters to a 250,000-square-foot space at Stamford’s new Harbor Point development at 333 Ludlow Street by January 2012. Starwood will team up with its new landlord, Building and Land Technology, to renovate the new space at a price of $40 million.

Starwood will save 20 percent in rent at its new headquarters, but officials declined to comment on specific prices. Existing tenants at the site include Deloitte & Touche and Pitney Bowes. According to a second-quarter report by Cushman & Wakefield, the average asking rent for Class A office space was $48.36 per square foot in downtown Stamford and $38.71 per square foot in the rest of the city. [more]