Former MBIA headquarters sells in cash deal

• The 2 interconnected buildings have 300,000 square feet of space
• Includes walking trails, sports courts, cafeteria and fountains
• "It's the most magnificent campus I have ever seen."

A 38-acre office park on King Street in Armonk that was the former MBIA headquarters has been sold in an all-cash deal.

Cushman & Wakefield represented the seller, MBIA, in the sale to a joint venture between affiliates of Steven Wise Associates LLC, one of the development partners behind Chelsea Piers Connecticut in Stamford, and the Manocherian family, which has many real estate holdings in Manhattan. The sale price was not disclosed.

The two-building complex at 113 King St. that's known as Airport Campus has more than 300,000 square feet of fully furnished space, and lots of amenities, including a 250-seat cafeteria with a glass atrium and four private dining rooms with moveable partitions, an auditorium and video conference center, and 17 conference rooms.

Outdoors there are walking trails, fountains, and courts for tennis, basketball and volleyball. A separate meeting house (circa 1820) has its own meeting rooms, kitchen and bathrooms.

There are also facilities for a sundry shop, ATM, dry cleaner and professional mailroom.

"In my 17 and a half years in the real estate industry it's the most magnificent campus I have ever seen," said Cushman & Wakefield spokeswoman Nancy Madden.

The buyer has retained Cushman & Wakefield as the exclusive leasing agent for the property that's within a mile of the Westchester County Airport.

"The property has been left in such pristine condition by MBIA that somebody literally could just move right in," Madden said. "We're just starting to market it this week."

The property also has approvals from the town of North Castle to expand the footprint by more than 240,000 square feet, Madden said.

MBIA, a holding company with subsidiaries that provide financial guarantee insurance and other financial services, last year moved into smaller quarters at The Center's buildings at 1 and 2 Manhattanville Road in Purchase. The King Street campus had been its home since 1989.