The office park on Westchester Avenue that includes buildings with addresses of 701, 707, 709, 711 and 777 Westchester Ave. has been sold for $37 million. An entity formed by Partners Rose Equities and Garden Commercial acquired the site commonly known as the 700 Series. The five office buildings have frontage on Westchester Avenue and the property extends back to Bryant Avenue.
The 700 Series totals 676,113 square feet of office space. The buildings were constructed in the 1970s and early 1980s and are reported to be approximately 50% vacant. The 54.8-acre campus is located within a key portion of the I-278 corridor known as the Platinum Mile and has more than 2,500 feet of frontage along Westchester Avenue and the Interstate.
The property was acquired for general investment purposes.
In October, 2021, a plan to tear down the office building at 701 Westchester Ave. and put up a five-story, 360-unit apartment building had been rejected by the White Plains Common Council. A resolution to reject the application by Senlac Ridge Partners of Morristown, New Jersey, was included on the council’s consent agenda for that month’s regular monthly meeting..
Strong opposition to the proposal had come from five White Plains neighborhood associations. They were the North Street, Gedney Farms, Rosedale, Haviland Manor and Old Oak Ridge associations that encompass about 1,600 homes. Senlac, owner of the office park had asked the city to apply the Planned Campus Development Overlay zone to its property. The proposed apartment building was designed with 21 studio apartments, 177 one-bedroom units and 162 two-bedroom units along with a fitness center, business center, library and lounge spaces for residents. The resolution to reject the proposal pointed out that zoning amendments are a discretionary legislative action by the Common Council and the council is not required to approve petitions for changes.
“This is not like a special use permit where, if set standards are met, approval must be granted,” the resolution said. “By its very nature, approval of Planned Campus Development District overlay mapping is at the sound discretion of the Common Council.” The resolution criticized Senlac’s master plan for the property for not describing how it promotes the public health, safety and welfare of the city or needs of the community. It said that the plan “does not constitute environmentally sustainable building or site design nor is any public or private space proposed which can be integrated into the city’s open space network.”
At the time of the proposal, an attorney representing the property owner had said in a letter to White Plains Mayor Thomas Roach and members of the Common Council that the building at 701 Westchester Ave. was 49.5% occupied. During a work session, the council was told that the entire office park was 72% leased.
“Due to an aging design and inefficient layout, the 701 Building has never achieved full occupancy,” the attorney wrote in the letter. “This issue has been exacerbated by the ongoing trend in local markets away from traditional office space, particularly in the ongoing Covid-19 pandemic, resulting in an outdated building and underutilized property.”
