BOMA Honors Keystone Property Group For Upgrades at Westchester Properties
Real Estate In-Depth | June 2016
TARRYTOWN—In recognition of its role in the economic growth of Westchester County, Keystone Property Group has been recognized with the Building Owners and Managers Association (BOMA) of Westchester County’s prestigious “Hall of Honor” award.
Bestowed during the organization’s May 21 gala awards dinner in Tarrytown’s Abigail Kirsch at Tappan Hill, the award was accepted by Keystone Senior Vice President Richard S. Gottlieb.
Specifically, Keystone was recognized for its enhancement of a five-building portfolio of properties located at 555, 565 and 570 Taxter Road in Elmsford, and 200 and 220 White Plains Road in Tarrytown. After leading the joint-venture partnership that acquired the properties from Mack-Cali in 2014, Keystone has completed a wide range of large-scale upgrades to the 600,000 square feet of office space, transforming the buildings into premier headquarters-quality properties that are positioned to drive the commercial success of Westchester businesses, BOMA stated.
“We’re very bullish on the Westchester business landscape, and it’s because of this strong confidence that we made such a significant capital commitment to the community,” said Gottlieb. “With the buildings’ location near the nexus of several major roadways, they are easily accessible to workers commuting from across the tri-state region. The new Tappan Zee Bridge will further enhance the area’s great access, and we’re confident that our available office spaces and prime building signage overlooking the well-trafficked I-287 will attract leading, discerning tenants that will further contribute to the continued growth of the Westchester economy.”
Keystone’s capital improvements program included the modernization of exercise centers, including upgrading locker rooms and shower areas and adding state-of-the-art professional fitness equipment; common area, restroom and lobby renovations; installation of key building components, including new HVAC chillers and roofs; elevator modernization; and significant enhancements to landscaping and parking lots. Keystone’s repositioning campaign also included power washing the buildings, installing LED lighting in public garages, and providing lobbies with new electronic directories.
“When we entered the Westchester market, we were committed to utilizing our background in creating collaborative, amenity-filled office properties to raise the bar of excellence in the region,” said Keystone Vice President of Development and Leasing Thomas J. Sklow. “This honor signifies that our value-add campaign has gained the approval of the region’s broader business community, which is gratifying to us and also portends well for the future of the office environment in Westchester County.”
Keystone’s future capital improvements for the property will include upgrades to existing on-site cafeterias; the creation of various new amenities, including a new 40-person training center and conference rooms; and additional significant renovations to common areas, lobbies and restrooms.
Keystone Property Group is a real estate investor and developer, with offices located in Conshohocken, PA, Miami, FL, and New York City. Keystone also sponsors and manages a series of opportunistic real estate investment funds.
Photo Caption: From left, BOMA President William Bassett, Keystone Property Group SVP Richard S. Gottlieb and BOMA Former President and Emcee Anthony Lifrieri.