GHP adds to New Rochelle office holdings
GHP Office Realty, LLC has closed on its $6.4 million purchase of 140 Huguenot St., a three-story, 64,000-square-foot Class A office building in downtown New Rochelle.
The building, whose tenants include Mary Ann Liebert Inc., Monroe College and the U.S. General Services Administration, is approximately 80 percent occupied, according to the new owner.
Andrew Greenspan, the GHP principal who led the West Harrison firm”™s acquisition team, in the deal announcement said GHP is “bullish on New Rochelle and its future.” The company also owns 145 Huguenot St., an eight-story, 300,000-square-foot Class A office building across the street from the company”™s latest purchase, which is 93 percent occupied.
“The synergy between the buildings and the economies of scale as well as the fact that we are running out of space at 145 Huguenot St. made 140 Huguenot St. an attractive acquisition target,” Greenspan said. “We are planning to invest substantial capital into the building to bring it up to date and make it more energy efficient.”
Eric S. Goldschmidt, senior partner at Goldschmidt & Associates in Scarsdale. co-brokered the deal for the sellers with Al Mirin, executive director in investment sales at Cushman & Wakefield”™s Stamford office.
Insurance firm moves Westchester office
Lawley, a privately owned, independent insurance brokerage headquartered in Buffalo, is relocating its Westchester office from Elmsford to Purchase, the company recently announced.
Lawley has leased 4,000 square feet of first-floor space at 4 Manhattanville Road in The Centre at Purchase office park. The company on Thursday will close its office at 565 Taxter Road in Taxter Corporate Park in Elmsford, where it has been a tenant since 2006 and reopen in Purchase on May 2.
“This move comes at an exciting time for Lawley,” said Lawley partner Paul Hallahan in the announcement. “We”™ve seen significant companywide growth over the past year, adding more than 50 employees throughout all locations.” The company employs more than 350 associates at nine offices in New York state, Connecticut”™s Fairfield County and New Jersey.
Rye mixed-use building sold
An 8,300-square-foot retail and residential building in Rye recently sold for $4.9 million in a deal brokered by Houlihan Lawrence Commercial Real Estate Group.
The property at 269 Purchase St. includes four retail storefronts and four luxury duplex residences on a 16,000-square-foot lot.
The seller, Purchase Street Holdings LLC, was represented by Garry Klein, regional manager at Houlihan Lawrence Commercial Real Estate Group. The buyer, Thomas Giannetti, was represented by Michael Rackenberg, Houlihan Lawrence sales associate.
Mack-Cali tenants renew in Westchester
Two lease renewals by office tenants in Westchester County were among the largest first-quarter deals reported by Mack-Cali Realty Corp.
The company, based in Edison, N.J., said it completed 82 leases totaling 1.1 million square feet for its office and flex commercial real estate properties in New York and New Jersey during the first quarter. That was a 45 percent increase in leasing activity for the same period last year.
Of the 1.1 million square feet of office and flex space leased, 386,000 square feet, or 35 percent, were for new leases and 740,000 square feet, or 65 percent, were for lease renewals and other tenant transactions.
In Cross Westchester Executive Park in Elmsford, Securitas Electronic Security signed a 32,250-square-foot lease renewal at 3 Westchester Plaza. The tenant was represented by CBRE”™s William V. Cuddy, Jr. and Timothy C. Donohue.
In Yonkers, Montefiore Medical Center renewed it lease for 28,430 square feet of office space at 4 Executive Plaza in South Westchester Executive Park. The tenant was represented by Glenn Walsh and Gregory V. Frisoli of Newmark Grubb Knight Frank.
Chinese buyers secure financing for Yonkers deal
CBRE Group Inc. recently announced today that its New Jersey Capital Markets Debt & Structured Finance team arranged $96 million in financing for Strategic Capital LLC for the Jersey City-based Chinese company”™s purchase of two luxury high-rise apartment towers on the Hudson River in downtown Yonkers.
A California-based bank extended two loans, with seven-year terms at undisclosed fixed-interest rates, for Hudson Park South, a 266-unit, approximately 317,000-square-foot residential complex with ground-floor retail space that opened in 2003, and Hudson Park North, a 294-unit, approximately 330,400-square-foot complex completed in 2008. The loans were arranged by the CBRE team of James Gunning, Donna Falzarano and Stephen Joseph.
A subsidiary of China State Construction Corp., Strategic Capital acquired the Yonkers properties from its developer, Collins Enterprises LLC of Stamford. Executives at Strategic Capital and Collins Enterprises last September broke ground on the third and final phase of the Hudson Park development, the $85 million Hudson Park River Club, a 213-unit residential tower project in which Strategic Capital has a majority interest. Â The project is expected to be completed by late 2017.
