7 Renaissance Square White Plains Office Building Under Contract

John Jordan | February 18, 2016

7 Renaissance Square, White Plains

WHITE PLAINS—The ownership of 7 Renaissance Square, a 65,600-square-foot building that is part of the Ritz-Carlton, Westchester complex in Downtown White Plains is under contract to be sold.

The building ownership—a joint venture partnership of SL Green Realty and Renaissance Partners, LLC— has agreed to sell the property for a gross sale price of $20.7 million. The ownership did not divulge the identity of the buyer of the property.

Jeffrey R. Dunne, vice chairman, Capital Markets Institutional Properties for CBRE, is representing the sellers in the transaction that is expected to close during the second quarter of this year. The sale of the office property built in 2008 calculates out to $316-a-square-foot.

SL Green’s Co-Chief Investment Officer, Isaac Zion said in a prepared statement in regards to the pending sale of 7 Renaissance Square, said, “We are very pleased with the outcome of our 7 Renaissance investment. It represents one of the highest prices per-square-foot ever achieved for a Westchester County office asset.”

SL Green and Renaissance Office Partners, LLC formed the joint venture to recapitalize 7 Renaissance Square in December 2010. Along with taking a 50% ownership position in the joint venture, SL Green assumed management and leasing responsibilities at the building. Renaissance Office Partners assumed all construction responsibilities at that time.

Renaissance Office Partners is a partnership between Ceruzzi Holdings, LLC and a Cappelli partnership, led by Bryan Cappelli. Together, Ceruzzi Holdings, LLC and the Cappelli partnership have built, owned and managed more than 25 million square feet of multi-use projects. Cappelli Enterprises was the original developer of the twin-tower Renaissance Square project that includes luxury residential condominiums as well as the Ritz-Carlton Westchester hotel.

Photo Caption: The 7 Renaissance Square office building is adjacent to the Ritz-Carlton, Westchester hotel in Downtown White Plains.

John Jordan
Editor, Real Estate In-Depth