TARRYTOWN, NY — March 16, 2017 — One of Westchester County’s most iconic office buildings has traded in a $30 million sale arranged by Cushman & Wakefield’s Metropolitan Area Capital Markets Group. GHP Office Realty, a privately held Westchester-based real estate firm, acquired 660 White Plains Road in Tarrytown from RA 660 White Plains Road LLC, an entity controlled by RNY Property Trust. The six-story, Class-A building totals 279,000 square feet and features onsite food service, 24-hour access, ample parking and public bus service. It sits on approximately 11 acres in the highly visible Tarrytown Corporate Center, within walking distance to hotels and lifestyle amenities, and just two miles from the Tappan Zee Bridge (soon to be replaced by the $3.9 billion New NY Bridge).
The offering attracted strong investor interest and substantial tour activity. “660 White Plains Road is well known for its remarkable design, distinctive architectural features, and status as the largest building in Tarrytown Corporate Center,” noted Cushman & Wakefield’s Andrew Merin, who headed the transaction with Metropolitan Area Capital Markets Group team members David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso and Al Mirin.
“The property is 87 percent leased to a diverse rent roll of over 40 tenants ranging in size from less than 1,000 square feet to nearly 60,000 square feet,” Merin added. “It continues to outperform the greater Westchester market, and the new ownership will be able to capitalize on the building’s flexibility and strong regional market fundamentals to increase occupancy and NOI.”
According to DiTommaso, the property’s exceptional local and regional accessibility adds to its appeal. “660 White Plains Road is located just 30 minutes north of New York City, and its proximity to northern New Jersey, southwestern Connecticut and Rockland County, New York, enables tenants there to draw from a deep, highly educated labor pool,” he said. “This is an ideal location for commuters, with I-287, I-87, the Saw Mill River and Sprain Brook Parkways all nearby. Additionally, the New NY Bridge will become the widest bridge in the world upon its opening in 2018, supporting improved traffic flow for approximately 150,000 vehicles each day.”
Cushman & Wakefield’s Metropolitan Area Capital Market Group is overseeing the disposition of multiple Westchester County assets for RNY Property Trust. Based in East Rutherford, New Jersey, the team specializes exclusively in investment sales of office, industrial, multifamily, land and retail properties throughout New Jersey, New York, and Fairfield County, Connecticut. The team has completed more than $25 billion worth of transactions since 2000, closing over $3.2 billion in sales in 2016.
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
GHP Office Realty owns, manages and leases 10 other buildings in Westchester and close to 5 million square feet of suburban office, flex and industrial space in the New York Area.