RPW Group Acquires Two Office Buildings for Nearly $15M
John Jordan | May 2018
WHITE PLAINS—RPW Group has acquired two office buildings on Westchester Avenue here in a deal valued at $14.75 million.
The Rye-Brook-based commercial real estate development and investment firm purchased 925-1025 Westchester Ave. in White Plains. The two Class A office buildings total 192,771 square feet and are currently 65% leased.
Commercial brokerage firm CBRE announced the sale of the buildings. The team of Jeffrey Dunne, Steven Bardsley and Stuart MacKenzie of CBRE’s Institutional Properties Group, in collaboration with Brian Carcaterra of CBRE’s Advisory & Transaction Services Group and Ten-X, represented the seller. CBRE also procured the buyer, RPW Group, in the sale. CBRE did not identify the seller, but the properties were at least at one time part of Normandy Real Estate Partner’s The Exchange portfolio.
“The landscape of the Westchester Avenue and Interstate 287 corridor is shifting, especially as new retailers like Wegmans and Life Time fitness enter the market and offer new amenities for the community,” said CBRE’s Dunne. “This shift is creating a tightened office market and should bode well for RPW in attracting new tenants and leasing up the remaining vacancies at 925-1025 Westchester Avenue.”
925-1025 Westchester Avenue benefits from recent capital improvements, that have included improved amenity spaces, making the asset very attractive to businesses and investors in a continually tightening Westchester County office market, CBRE officials state.
The transaction follows another recent Westchester County sale completed by CBRE at 115-117 Stevens Avenue in Mount Pleasant, which sold for $12 million to GHP Office Realty of White Plains.
CBRE Institutional Properties is currently marketing a number of properties in the New York metro area: 3HQ a 408,917-square-foot 99% leased office building in Melville, NY; Park 80 West, a 92% leased 510,126-square-foot trophy office asset in Saddle Brook, NJ; and RFR – Stamford Office Portfolio, a 789,128-square-foot, 84% leased office portfolio in Stamford, CT.