The office property at 1311 Mamaroneck Ave. in White Plains has been sold for $21 million, according to a document on file with land records at the Westchester County Clerk’s Office. The seller shown was OSG Mamaroneck LLC and the buyer was Interra White Plains LLC.
The sale of the 323,431-square-foot office property had been announced by the real estate services firm CBRE. It said that the purchaser, Interra Capital Group, is based in Houston with properties throughout the U. S.
“This asset fully aligns with our strategy of purchasing value add/distressed assets, where the reset of basis allows for creativity in stabilizing the property,” CBRE quoted Interra’s principal Jack Polatsek as saying.
The CBRE Institutional Properties team of Jeffrey Dunne, Steve Bardsley, and Travis Langer, in conjunction with Patrick Arangio, Jack Howard, and Kurt Altvater of CBRE”™s National Loan & Portfolio Sale Advisors, represented the seller and procured the buyer.
CBRE said the building currently is 53% leased.
CBRE”™s Jeff Dunne said, “The offering represented a unique opportunity to purchase a premier office complex with a large site directly off the Hutchinson River Parkway, one of Westchester County”™s major thoroughfares. With corporate neighbors nearby, such as Mastercard, Quest Diagnostics, and Gannett, this Westchester location offers an attractive business environment for discerning tenants.”
In Oct. 2018, the Business Journals reported that the four-story office complex features three interconnected glass-paneled buildings, built in 1981 on the 27-acre property and that New Jersey-based Onyx Equities acquired ownership of the property in 2014 after a previous owner defaulted on a $52 million mortgage loan.
The Business Journals also reported that IBM had occupied the entire space at 1311 Mamaroneck Ave. through the late 1990s and that Jack Parker Corp., the building’s developer and owner at the time IBM left, undertook renovations to convert the property to multi-tenant use. Additional renovations were completed in 2015.
In Nov. 2019, the Business Journals reported that CBRE, as exclusive leasing agent for 1311 Mamaroneck Ave., announced that it had arranged for three leases covering 91,000 square feet at the office complex.
The report said that amenities at the building included a fitness center, conference facility, a café with outdoor seating, a new lobby and covered and surface parking and shuttles to the Metro-North train stations in both Mamaroneck and White Plains.
