Elmsford, NY GHP Office Realty has acquired the 81,500 s/f property consisting of 75,000 s/f of 16 ft. high, 40 ft. column spacing warehouse space with four loading docks and two drive-in doors and 6,500 s/f of office space. The building is situated in the 88-acre Cross Westchester Executive Park.
The GHP acquisition team was led by Andrew Greenspan, principal of GHP and Jamie Schwartz, executive vice president.
Greenspan said, “This is the second flex building we have acquired in the last two years. We were attracted to the deal because there is a dearth of flex space in Westchester County and especially on the west side of the County. The county of Westchester will lease back approximately 23,000 s/f from us leaving 58,500 s/f available for lease to warehouse, flex, medical, laboratory, technology and/or office users looking to be in the Elmsford area close to I-287, I-87 and The Sprain Brook Parkway.”
Greenspan said, “We are planning to invest several million dollars into the building to bring it up to date and make it more energy efficient, including installing a new roof.”
Adam Rodriguez, Esq., director of real estate, office of the county executive, and David Vutera, Esq., senior assistant county attorney represented Westchester County in the transaction.
Steven Hirsch, Esq. of Hirsch & Gibaldi LLP provided legal representation and Gerrard Canavan of Stewart Title Co. provided title services for GHP.
GHP Office Realty was formed in 1999, and is headed by its principal owners Andrew Greenspan, James J. Houlihan, James G. Houlihan and Howard Parnes. The company is a leader in the commercial real estate market in the New York metropolitan area specializing in the acquisition, leasing and management of office, flex and industrial properties in the suburban markets of the tri-state area. The company currently owns and manages over 5 million square feet.
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