MBIA Inc. will move its headquarters in Armonk to The Centre at Purchase later this year.
MBIA, a holding company with subsidiaries that provide financial guarantee insurance, fixed-income asset management and other financial services, will move about 245 people to 84,981 square feet of space at The Centre’s buildings at 1 and 2 Manhattanville Road.
MBIA plans to sell its Armonk headquarters and it has set up a website for marketing the property.
“It’s too large for our current needs or for what we anticipate needing for the foreseeable future,” said MBIA spokesman Kevin Brown on Monday. “Basically, we’re occupying a fraction of the building.”
Prior to the Great Recession, Brown said there were about 420 people working at 113 King St. in Armonk.
The Centre at Purchase is owned by OCC Purchase LLC, a venture comprising George Comfort & Sons, Inc. and O’Connor Capital Partners.
Newmark Grubb Knight Frank represented ownership, and Cushman & Wakefield represented MBIA.