RPW Adds 100 Manhattanville Road to Office Portfolio
John Jordan | October 23, 2019
PURCHASE—The RPW Group has acquired the 290,631-square-foot 100 Manhattanville Road office building here.
No financial terms of the transaction were released. The transaction was reported by Newmark Knight Frank, which has been awarded the exclusive leasing assignment at the property by new owner RPW Group. A Newmark Knight Frank team led by Executive Managing Director Glenn Walsh and Senior Managing Director Lawrence Ruggieri will be handling the assignment.
The four-story office building, situated on 23.75 acres of landscaped and wooded land, was originally constructed for Nestle’s corporate headquarters in 1986 and later converted into a multi-tenanted, Class A office building. It has since served as home to multiple prestigious companies including Mastercard and Triton Container International.
Currently, the entire fourth floor of the property, comprising 82,000 square feet, is the largest contiguous block of Class A space available in the Eastern I-287 market—the tightest office market in Westchester County.
The building also offers amenities such as a full-service cafeteria with panoramic views of the office campus and theater seating options, a fitness center and a 24/7 concierge desk. Tenants are further supported by on-site professional management and engineering staff, as well as back-up power for all tenant space.
Following its acquisition, RPW Group plans to invest capital into the property, kicking off the first quarter of 2020 with the installation of a 20×20 video wall in the lobby with a continuous feed of building news and tenant highlights.
“100 Manhattanville Road has always been one of the best buildings in the market, and we are proud to call the property a crown jewel on the East side of Westchester,” said Robert Weisz, chairman and CEO of Rye Brook-based RPW Group. “We have seen the market in Westchester County getting incredibly strong, with our portfolio currently standing at 95% leased. Our newest acquisition is a timely purchase given the demand for Class A office properties. We look forward to working with the NKF team to find the right tenants for this highly regarded property.”
“We are excited to be representing RPW Group in leasing this trophy asset in a wildly popular office market. We now represent the RPW Group in exclusive leasing assignments for more than 2.1 million square feet across eight properties in Westchester County, and are honored that RPW Group continues to trust the NKF team to bring their building to full occupancy,” said NKF’s Walsh. “Vacancy rates in the Eastern I-287 market have remained in the single digits for the past 24 months, while Class A rental rates have been steadily growing since 2017. With a robust pipeline of leases targeted for year-end, we anticipate that this market will continue to outperform.”
The location of the office campus provides commuters with multiple transit options, including a half-hour train ride to Grand Central Terminal from the Rye and White Plains Metro North stations a 10-minute drive to the Westchester County Airport, and easy access to the I-684, I-287 and the Hutchinson River Parkway.
Editor, Real Estate In-Depth