2975 Westchester Ave. Changes Hands
Real Estate In-Depth | August 14, 2018
PURCHASE—The 120,000-square-foot 2975 Westchester Ave. office building has been sold to a Greenwich, CT-based investment firm controlled by the Schur family.
The transaction was reported by GHP Office Realty. GHP Vice President Jamie Schwartz represented the seller in the transaction. The Westchester County Business Journal reported the seller as an affiliate of RPW Group of Rye Brook and that the transaction was valued at $24.1 million, according to a deed filed with the county on Aug. 2.
Schur Management Company, Ltd., led by principal Billy Schur, will manage the property and Schwartz of GHP will be the property’s exclusive leasing agent. The property is presently 85% occupied with 17 tenants.
Schwartz said the off-market transaction was made possible due to the relationship the buyer and seller have. In fact, the Schur family acquired 399 Knollwood Road, White Plains in 2015 from the seller and with the hiring of GHP as its exclusive agent, brought the occupancy of the building from 85% to 96%.
“We intend to replicate that success with 2975 as well.” Schwartz stated.
Built in 1985 and purchased by RPW Group in 2003, 2975 Westchester Ave. had been renovated most recently in 2016. Amenities include a full-service café, approximately 600 on-site parking spaces and an on-site stop for the B-line bus shuttle to the Metro-North train stations both in Rye and White Plains.