NewYork-Presbyterian Spends Nearly $84 Million To Convert Office Space to Ambulatory Care Facility
John Jordan | March 9, 2022
WHITE PLAINS—NewYork-Presbyterian has acquired the WestPark office complex at 1111-1129 Westchester Ave. here and has plans to convert the nearly 367,000 square feet of office space on the 25-acre property into a new state-of-the-art, multi-specialty ambulatory care facility.
Multiple published reports put the purchase price at $83.5 million, citing recently filed land records with the Westchester County Clerk’s office. The complex was acquired from WestPark Associates, LLC, an affiliate of Onyx Equities of Woodbridge, NJ. At one time PepsiCo had occupied the entire 1111 Westchester Ave, office building under a sublease while renovations were being made to its worldwide headquarters in Purchase.
The 1111 Westchester Ave. office building totals 234,281 square feet, while 1129 Westchester Ave. features 132,179 square feet of office space. The purchase continues a trend along the Platinum Mile corridor of adaptive reuse of office space. The conversion trend on Westchester Avenue has included conversion of office to retail—Wegman’s and Lifetime Fitness, as well as to residential and health care that has included the Hospital for Special Surgery, which occupies approximately 50,000 square feet of space at the former IBM building at 1133 Westchester Ave. in White Plains.
The new NewYork-Presbyterian facility will feature care from ColumbiaDoctors and will offer a wide range of outpatient services. The facility is expected to house centers of excellence in areas ranging from women’s health to cancer care and neuroscience, wellness services and resources, and facilities including imaging, endoscopy suites, exam and diagnostic rooms, and ambulatory procedure rooms.
“NewYork-Presbyterian is proud to be expanding access to our world-class care across Westchester,” said Dr. Steven J. Corwin, president and CEO of NewYork-Presbyterian. “We understand the importance of having high-quality, comprehensive health care services available close to where you live and work. We look forward to continuing to provide the best care to our patients and neighbors in Westchester.”
The acquisition will expand NewYork-Presbyterian’s footprint in Westchester County. NewYork-Presbyterian operates three hospitals in the county—NewYork-Presbyterian Lawrence Hospital, NewYork-Presbyterian Hudson Valley Hospital and the NewYork-Presbyterian Westchester Behavioral Health Center in White Plains. It also partners with a network of ColumbiaDoctors medical group practices throughout the area.
Back in 2020, Onyx Equities announced it was issuing an RFP to transform the buildings and the entire campus to meet the accelerating technological demands of 21st century businesses. According to the company’s website, Onyx Equities still has several holdings in the Hudson Valley, including the 326,307-square-foot 1311 Mamaroneck Ave. office building in White Plains it purchased in 2014 and the 1.2-million-square-foot Hudson Crossing Industrial Park in Blauvelt it acquired in 2019.
The CBRE agency team of Jacqueline Novotny, Brian Carcaterra and Michael McCall spearheaded the marketing campaign and represented Onyx Equities in the negotiations. NewYork-Presbyterian Hospital was represented by CBRE’s William V. Cuddy, Jr., and Mary Ann Tighe.
“We are pleased to have played a role in the sale of WestPark, which is an amazing property in the heart of the Metro New York area,” said Novotny, CBRE Senior Vice President.
“It is a monumental commitment by one of the world’s premier health care providers to expand and grow in Westchester County,” added CBRE Executive Vice President Cuddy. “It is a further demonstration of Westchester’s strength as a center of excellence for health care services.”