Home Latest News SL Green sells Tarrytown office building for $21M to Signature Acquisitions

SL Green sells Tarrytown office building for $21M to Signature Acquisitions

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520 white plains road
520 White Plains Road.

SL Green Realty Corp. has sold 520 White Plains Road, a 180,000-square-foot Class A office building in the Tarrytown Corporate Center, to Signature Acquisitions LLC, a New Jersey-based real estate company, for $21 million.

The deal was reported by CBRE Group Inc. CBRE’s tristate Institutional Properties team of Jeffrey Dunne, Steven Bardsley and Alex Riccio represented the seller.

The building is 96 percent leased with an average lease term of nearly 6 years, according to CBRE. Tenants anchoring the property include First Niagara Bank, Clarfeld Financial, Westcon Group, HQ Global and NY State United Teachers.

Dunne in the announcement said the office building’s location near Interstates 87 and 287, Route 9 and the Tappan Zee Bridge “has attracted a diverse tenant base with long-term leases that should provide Signature Acquisitions with dependable income for years to come.”

The Tarrytown office investor earlier this year paid $87 million for an eight-building, nearly 823,000-square-foot office portfolio in Cranford and Clark, New Jersey, sold by Mack-Cali Realty Corp. CBRE, whose Institutional Properties team also brokered that deal, said Signature would move its headquarters to one of the properties.

 

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