The buildings at 500 and 540 White Plains Road in Tarrytown have been sold for $26 million. The property also has been known as Tarrytown Corporate Park.
The real estate services firm CBRE said that the transaction includes not only the sale of the property but a partial leaseback as well. BASF Corporation is the seller and the purchaser is Tarrytown Holdings LLC, an entity managed by Northpath Investments. BASF obtained a leaseback for the space it uses as a research and development facility.
The buildings contain approximately 276,000 square feet of space and the property is just over 16 acres. The buildings were constructed in 1978 and the property has more than 230 parking spaces.
CBRE represented BASF in the transaction and also obtained the buyer.
CBRE said that the buildings were 52% leased at the time of the sale. It said that the property offers Northpath stable in-place income while providing significant upside through both the lease-up of the office space at 540 White Plains Road and the remaining laboratory space in 500 White Plains Road.
The Visiting Nurse Association of Hudson Valley, which in 2017 joined Northwell Health, has space at 540 White Plains Road.
“We are so excited about the opportunity to add BASF and Northwell Health to our portfolio of socially responsible, life science tenants” said Gershon Alexander, principal of Northpath Investments.
According to Jeffrey Dunne of CBRE, “The positive cash flow provided by the existing credit tenancy will allow Northpath to focus on repositioning and the lease-up of the vacant space. Easy access, coupled with proximate retail and hotel amenities will enhance the vacant space lease-up of the property.”
CBRE Group, Inc., which is headquartered in Dallas, bills itself as the world”™s largest commercial real estate services and investment firm based on 2021 revenue. The company has more than 105,000 employees and serves clients in more than 100 countries.
