GHP Taxter LLC, one of a number of entities with GHP in its name, has acquired 555 and 565 Taxter Road in Elmsford, both six-story class A office buildings with 371,224 square feet of rentable space, in a foreclosure proceeding. A new deed for the property was filed on Feb. 28.
On March 5, Westchester real estate veteran Andrew Greenspan, a principal in GHP Office Realty, told the Business Journal that the buildings had 24 tenants. The buildings are 64 percent leased.
565 Taxter Road has been upgraded and GHP plans upgrades for 555.
The buildings at 555 and 565 Taxter are on a 17-acre site known as Taxter Corporate Park. In 2014, Mack-Cali Realty Corp. sold the properties to Keystone Property Group as part of a transaction involving a number of sites in New York, New Jersey and Connecticut. The price for the package was about $230 million. At the time, 555 and 565 Taxter Road were valued at $42 million. As a result of additional transactions affecting ownership and financing of the property in subsequent years, GHP became the mortgage holder.
Greenspan said that his organization remains committed to the Westchester office market. “Well-maintained and well-operated buildings are sought after,” he said. “There is a good demand from tenants.”
Greenspan said that his take on the state of the class A office market in Westchester remains positive. “Rental rates are firming and increasing. When tenants are doing well, they are not so price-sensitive.” He said that’s reflected in GHP’s portfolio of some 30 buildings containing approximately 3 million square feet. “We have very little vacant space,” he said.
GHP Office Realty was founded in November 1999, and is led by Greenspan and James J. Houlihan. Since its inception, GHP Office Realty has been involved in the acquisition, financing, leasing and managing of more than 125 buildings encompassing more than 6 million square feet in 12 states. Greenspan began his real estate career with developer Robert Martin Co. and subsequently was with Mack-Cali Realty.