GHP Realty Acquires Mount Pleasant Office Buildings
Real Estate In-Depth | May 2018
MOUNT PLEASANT—GHP Office Realty, LLC reported earlier this month it had closed on its acquisition of the 115-117 Stevens Ave. complex in Mount Pleasant.
The complex is comprised of two Class A office buildings totaling 182,630 square feet. 115 Stevens Avenue is a three-story office building consisting of 130,630 rentable square feet with a parking garage and outdoor visitor parking. 117 Stevens Avenue is a two-story office building consisting of 52,000 rentable square feet with a parking garage and outdoor visitor parking. The parking ratio for both buildings is six spaces per 1,000 square feet of rented space.
SL Green sold the property to GHP Office Realty. The New York City-based firm reported last month that it sold 115-117 Stevens Ave. for $67 million. GHP Office Realty stated it plans to spend $3.5 million in new capital improvements at the complex.
115 Stevens Ave.’s current tenant roster includes such companies as Retriever Medical Dental Payments, Inc., a payment card processing and technology company, Archcare, the continuing and healthcare arm of the Archdiocese of New York; Cardinal McCloskey Community Services, a non-profit and non-sectarian social service provider that provides services to needy adults and children; Utopus Insights, an independent company spun out of IBM Smarter Energy Research and Vigorito, Barker, Porter & Patterson, LLP.
Since September of 2014, GHP has acquired in excess of 815,000 square feet of office, flex and warehouse space in Westchester County. GHP has invested millions in capital improvements to the properties and has successfully marketed the newly revitalized building’s yielding an overall occupancy rate of 96%.
In addition to 115-117 Stevens Ave., the properties are; 660 White Plains Road in Tarrytown, a 280,000-square-foot Class A office building GHP acquired in March 2017; 375 Executive Blvd.in Elmsford, an 80,000-square-foot flex/warehouse building, 140 Huguenot St. in New Rochelle, a 64,000-square-foot office building and 2649-2651 Strang Blvd. in Yorktown Heights, a 209,000-square-foot office/medical and flex campus. Combined with its existing portfolio of office, flex/warehouse and retail properties in the Tri-State area, GHP now owns, manages and leases approximately 1.8 million square feet in the New York metro region.
CBRE represented the seller and procured the buyer, GHP Office Realty in the Mount Pleasant deal. The CBRE team included Jeffrey Dunne, Steven Bardsley and Stuart MacKenzie of CBRE’s Institutional Properties Group, in collaboration with William V. Cuddy Jr. of CBRE’s Advisory & Transaction Services Group. Dunne’s CBRE team and GHP Office Realty have collaborated on more than $350 million of suburban office deals in the past several years.