GHP Office Realty acquires 660 White Plains Rd.; Houlihan-Parnes places financing; Merin of Cushman & Wakefield heads team for seller

660 White Plains Road - Tarrytown, NY

Tarrytown, NY Cushman & Wakefield’s Metropolitan Area Capital Markets Group has arranged the $30 million sale of 660 White Plains Rd. GHP Office Realty acquired the property from RA 660 White Plains Road LLC, an entity controlled by RNY Property Trust. The six-story, class-A building totals 279,000 s/f on 11 acres in the Tarrytown Corporate Center and features on-site food service, 24-hour access, parking and public bus service.

Andrew Merin, Cushman & Wakefield

Cushman & Wakefield’s Andrew Merin headed the transaction with team members David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso and Al Mirin. Mortgage financing was provided by James Houlihan and Bryan Houlihan of Houlihan-Parnes Realtors, LLC. The purchaser was represented by Andrew Albstein, Esq of Goldberg Weprin Finkel Goldstein, LLP. Title was provided by John Martin, Esq of the All New York Title Agency.

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,” said Merin. “The property is 87% leased to a diverse rent roll of over 40 tenants ranging in size from less than 1,000 s/f to nearly 60,000 s/f. 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.”

James Houlihan, Houlihan-Parnes Realtors

Bryan Houlihan, Houlihan-Parnes Realtors

GHP principal Andrew Greenspan confirmed that the new owners are intent on bringing their expertise and resources to the property. “We live and work in Westchester. We are headquartered in Westchester. We own and manage a dozen other properties nearby. We have the capital plan and “know how” to restore this property to the highest level.” According to Greenspan, renovation plans will include upgraded landscaping, lighting, parking lots, renovated lobbies and common areas, new state of the art fitness center, modernized food service and a revamped building and mechanical systems. “The acquisition of 660 White Plains Rd. is a natural extension of what we do,” he said.

According to DiTommaso, the property’s exceptional local and regional accessibility adds to its appeal. “660 White Plains Rd. 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.”

Westchester County executive Robert Astorino thanked GHP for its commitment to the county. “GHP’s plan to upgrade and renovate the iconic pyramid building in Tarrytown underscores Westchester’s value as the smart place for business with its access to talent, commerce and quality of life. In the past two years, GHP has focused its acquisition activity in Westchester, and I want to thank GHP for its strong and ongoing investment in our county.”

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.