CBRE ANNOUNCES SALE OF GRAND STREET PLAZA IN WHITE PLAINS NY
27 2 2020
CBRE’s Institutional Properties' Jeffrey Dunne, Steven Bardsley, Jeremy Neuer, David Gavin, Gene Pride and Stuart MacKenzie announced today that they have closed on the sale of Grand Street Plaza in White Plains, N.Y. The CBRE team represented the seller, an entity owned by a fund managed by Westport Capital Partners LLC, and also procured the buyer, a joint venture between Jack Sitt Real Estate LLC and GII LLC, a UAE-based financial service firm.
Located at 140 & 150 Grand Street, Grand Street Plaza consists of two adjacent Class A office buildings totaling 217,628-square-feet that are approximately 90% occupied. The property is strategically located within one block of the Supreme, Federal, District and County courthouses as well as the Westchester County Seat, making Grand Street Plaza the preferred destination for government and law-related tenants, which 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 7 years.
“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.”
CBRE Institutional Properties has a number of attractive investment opportunities on the market including: 40 Danbury Road in Wilton, Conn., an 84% leased 161,222± sq. ft. Class A office building; 1937 West Main St, a 68% leased 200,180± sq. ft. office building in Stamford, Conn.; 800 Corporate Drive, a 84,280± sq. ft. flex building leased to a single tenant in Mahwah, N.J.; 303-325 Midland Ave, a 75,657± sq. ft. mixed-use property in Garfield, N.J.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.