CB Richard Ellis arranged the sale of 100 Dutch Hill Rd. Dutchhill Partners LLC purchased the 50,408 s/f class A office building for $2.85 million.
Kevin Langtry, senior associate, William Cuddy, executive VP, of CBRE's Stamford, Conn. office, along with Al Mirin, senior VP of CBRE's Private Client Group and James Tully, executive VP of CBRE's Saddle Brook, N.J. office, handled negotiations on behalf of the seller, KeyBank National Association.
"KeyBank acquired 100 Dutch Hill Rd. as part of its acquisition of Union State Bank, and it has served as Key's Hudson Valley/Metro N.Y. District headquarters," said Langtry. "Although the market took some twists and turns along the way, we were pleased that we were able to successfully complete this disposition for Key."
"We are keeping our headquarters in Rockland County, but are planning to move to a location in the county with more visibility," said Michael Orsino, Key's president in the Hudson Valley/Metro N.Y. District. "We are currently in negotiations for space and expect to be in our new space in the first quarter.
The Dutch Hill Rd. building is being delivered to the new ownership mostly vacant, except for a law firm occupying approximately 5,000 s/f and KeyBank's temporary occupancy of 15,000 s/f. The new owners have embarked on a leasing campaign to lease up the remaining space to multiple tenants.
100 Dutch Hill Rd. is a three-story class A office building located on 3.75 acres. Conveniently accessible, the property is situated just two blocks from the Palisades Interstate Pwy. Exit 6E and 10 minutes to the Tappan Zee and George Washington Bridges.
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