The Talleyrand Office Park, which has two six-story buildings on 11 acres at 200 and 220 White Plains Road in Tarrytown, has been sold. The sale price was $10.3 million, according to information obtained by the Business Journal.
The buyer was the Highstone Equity Group, a private investment entity that has been active in New Jersey commercial real estate. The seller was CHYV Talleyrand LLC, which has an address in Hartford.
The real estate advisory firm Newmark Knight Frank was involved in bringing about the transaction. NKF’s Executive Managing Director Kevin Welsh, Managing Director Brian Schulz and Associate Director Chuck Kohaut of NKF’s Capital Markets group represented the seller in the transaction, along with support from NKF Executive Managing Director Glenn Walsh. The team also was responsible for procuring the buyer.
Each of the Talleyrand buildings contains approximately 90,000 square feet. They are reported to be 45% leased with more than 25 tenants.
Welsh said, “Highstone will achieve near-term upside by extending/restructuring existing leases and is well positioned to capture a broad base of tenant demand as they reposition the property.”
Highstone plans a capital improvement program for the property that includes the modernization of all common areas and the addition of new amenities such as a conference center, tenant lounge, fitness center and cafeteria.