White Plains Office Buildings Sold to NYC-Based Investment Firm for Nearly $43 Million
John Jordan | March 4, 2020
WHITE PLAINS—The office complex at 140 and 150 Grand Street has been sold by Westport Capital Partners to a joint venture between New York City-based Jack Sitt Real Estate LLC and GII, LLC, a United Arab Emirates-based financial services firm for $42.5 million.
The properties, known as Grand Street Plaza, consist of two adjacent office buildings totaling 217,628 square feet. At the time of the sale the complex was approximately 90% occupied.
The deal was announced by CBRE’s Institutional Properties’ Jeffrey Dunne, Steven Bardsley, Jeremy Neuer, David Gavin, Gene Pride and Stuart MacKenzie, who represented the seller and procured the buyer.
“We are very pleased to have represented Westport Capital Partners in this transaction and source another first-time buyer to Westchester County, including international capital,” said Dunne, a vice chairman at CBRE. “Grand Street Plaza’s institutional quality coupled with its unmatched proximity to the courthouses attracts diversified legal practices and government tenants, which should provide the buyer with long-term stable cash flow for the foreseeable future.”
The property is located within one block of the New York State Supreme, federal, district and county courthouses as well as the Westchester County seat. Government and law-related tenants make-up over 80% of the in-place occupancy. Grand Street Plaza also benefits from its very stable cash flow with a weighted average lease term of nearly seven years, CBRE notes.
In December 2015, CBRE also brokered the sale of 140 and 150 Grand St. to Westport Capital Partners, which paid $32 million to SL Green Realty Corp. for the asset.
CBRE Institutional Properties is currently marketing for sale: 40 Danbury Road in Wilton, CT., an 84% leased 161,222-square-foot Class A office building; 1937 West Main St, a 68% leased 200,180-square-foot office building in Stamford, CT.; 800 Corporate Drive, an 84,280-square-foot flex building leased to a single tenant in Mahwah, NJ and 303-325 Midland Ave, a 75,657-square-foot mixed-use property in Garfield, NJ.