New Owner of Reckson Exec. Park is George Comfort & Sons
John Jordan | August 1, 2018
RYE BROOK—The mystery of who the new owner of the Reckson Executive Park here has been solved—it is New York City-based George Comfort & Sons, Inc.
The suspense over the new ownership began last April when then owner SL Green Realty announced it had entered into a contract to sell the six-building, 563,596-square-foot office complex. The announcement also included news that it had signed a contract for the disposition of two office buildings in Valhalla to another buyer. SL Green did not divulge the buyer in either deal at that time.
Commercial brokerage firm CBRE in late July reported that George Comfort & Sons had acquired the former Reckson Executive Park in Rye Brook, now known as 1100 King St., in a joint venture with a fund managed by DRA Advisors for $55 million from SL Green. Jeffrey Dunne, Steven Bardsley and Stuart MacKenzie of CBRE’s Institutional Properties Group, represented SL Green in the sale and also procured the buyer in the transaction.
It had been previously reported that SL Green sold the 115-117 Stevens Ave. office buildings in Valhalla to GHP Office Realty of White Plains for $12 million. Both deals closed during the second quarter, according to SL Green’s recent financial announcement released on July 18.
The purchase of 1110 King St. in Rye Brook adds to George Comfort & Sons’ Westchester County portfolio. The firm already owns 900 King St., a 215,000-square-foot office building in Rye Brook and the Centre at Purchase office complex in nearby Purchase that totals 676,490 square feet of office space.
“The tightening of the Westchester County office market, which is partly driven by the adaptive repurposing of older office product for residential, medical and retail use, coupled with increased demand stemming from Westchester’s cluster of biotech and healthcare businesses, bodes well for GCS to lease the remaining space at Reckson Executive Park,” Dunne, a CBRE vice chairman, says.
George Comfort & Sons is also in the approval process on a controversial redevelopment plan for the former Good Counsel campus on North Broadway in White Plains. The mixed-use project that is currently before the City of White Plains is located on property that adjoins the Elizabeth Haub School of Law at Pace University and other Pace University facilities.
In addition, George Comfort & Sons is also looking to replace a long vacant office building at its High Ridge Park complex in Stamford, CT to accommodate a Life Time fitness facility.
Editor, Real Estate In-Depth