Ritz Carlton office building sells for $20.7M in pending deal

Owners of a 65,600-square-foot office building in the Ritz Carlton, Westchester complex in downtown White Plains have agreed to a $20.7 million sale deal with an undisclosed buyer.

SL Green Realty Corp. and its joint-venture partner at 7 Renaissance Square, Renaissance Office Partners LLC, said the office-building purchase is expected to close in the second quarter this year. A spokesperson for SL Green declined to identify the buyer.

The sale price amounts to $316 per square foot of building space. Isaac Zion, SL green”™s co-chief investment officer, in a press release said it represents “one of the highest prices per square foot ever achieved for a Westchester County office asset.”

New York City”™s largest office landlord, SL Green in late 2010 took a 50 percent ownership stake in 7 Renaissance Square when forming the joint venture with Renaissance Office Partners to recapitalize the property, the partners said in a recent announcement. SL Green”™s suburban Reckson division took over management and leasing of the building, while its joint-venture partner handled all construction.

Renaissance Office Partners is a partnership between Ceruzzi Holdings LLC, headquartered in Fairfield, Conn., and the Cappelli Organization LLC, led by Bryan Cappelli. Cappelli”™s father, Louis R. Cappelli, developed the Ritz Carlton hotel, residential and office complex in White Plains.

Jeffrey R. Dunne, vice chairman at CBRE Inc., represented the sellers in the transaction.