Tarrytown Office Building Trades for $30 Million
Real Estate In-Depth | March 2017
TARRYTOWN—GHP Office Realty of White Plains has increased its regional office portfolio with the $30-million acquisition of a Class A office building here.
Commercial brokerage firm Cushman & Wakefield reports that GHP Office Realty acquired the 279,000-square-foot office property from RA 660 White Plains Road LLC, an entity controlled by RNY Property Trust, an Australia-based real estate investment firm.
The six-story, Class-A building totals 279,000 square feet and features onsite food service, 24-hour access, ample parking and public bus service. It sits on approximately 11 acres in the Tarrytown Corporate Center.
In a press announcement, GHP principal Andrew Greenspan confirmed the purchase transaction. “We live and work in Westchester. We are headquartered in Westchester. We own and manage a dozen other properties nearby. We have the capital plan and ‘know how’ to restore this property to the highest level,” he said.
Greenspan added that renovation plans would include upgraded landscaping, lighting, parking lots, renovated lobbies and common areas, new state of the art fitness center, modernized food service and a revamped building and mechanical systems.
“The acquisition of 660 White Plains Road is a natural extension of what we do,” he added.
The offering attracted strong investor interest and substantial tour activity, according to Cushman & Wakefield.
“660 White Plains Road is well known for its remarkable design, distinctive architectural features, and status as the largest building in Tarrytown Corporate Center,” said Cushman & Wakefield’s Andrew Merin, who headed the transaction for C&W with Metropolitan Area Capital Markets Group team members David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso and Al Mirin.
“The property is 87% leased to a diverse rent roll of over 40 tenants ranging in size from less than 1,000 square feet to nearly 60,000 square feet,” Merin added. “It continues to outperform the greater Westchester market, and the new ownership will be able to capitalize on the building’s flexibility and strong regional market fundamentals to increase occupancy and NOI.”
According to DiTommaso, the property’s exceptional local and regional accessibility sitting near the construction of the new Tappan Zee Bridge adds to its appeal.
“660 White Plains Road is located just 30 minutes north of New York City, and its proximity to northern New Jersey, southwestern Connecticut and Rockland County, New York, enables tenants there to draw from a deep, highly educated labor pool,” he said. “This is an ideal location for commuters, with I-287, I-87, the Saw Mill River and Sprain Brook Parkways all nearby. Additionally, the New NY Bridge will become the widest bridge in the world upon its opening in 2018, supporting improved traffic flow for approximately 150,000 vehicles each day.”
Cushman & Wakefield’s Metropolitan Area Capital Market Group based in East Rutherford, NJ is overseeing the disposition of multiple Westchester County assets for RNY Property Trust. The team has completed more than $25 billion worth of transactions since 2000, closing more than $3.2 billion in sales in 2016.