In addition to Colwell, George Lambros III, John Hoffman and Matthew Schnurr of Grubb & Ellis' Northeast Investment Group will also work on the assignments.

Colwell tells GlobeSt.com that a joint venture of Lend Lease and CQ Partners of Boston, MA has retained the firm to find a buyer for its 1351 Washington Blvd. property. The 219,03-sf building, which is currently 90% occupied, is being marketed in the $30-million range, Colwell says. The building's major tenants include MCI, Computer Associates, Computer Services and Williams Communication.

The joint venture of Lend Lease and CQ Properties purchased the Downtown office property approximately 18 months ago from New York Life.

"They have done a whole bunch of leasing and capital investments into the property and are now in a position to sell the building," Colwell says. He estimates that approximately $5 million in capital upgrades have been expended by Lend Lease and CQ Properties as well as prior owner New York Life in the last four years.

He adds that the building has five fiber-optic hubs that intersect beneath the 1351 Washington Blvd. building.

In addition, Reckson Associates Realty Corp. of Melville, N.Y., has hired the firm to market its 235-245 Main St. property in Downtown White Plains. The two-building complex totals 156,000 sf, is 92% occupied and includes such tenants as Chicago Title, Bank of New York and Worldcom.The prospective sales price was not disclosed.

Colwell says that the Main St. property was put on the market by Reckson because "it was concluded that it was atypical with the rest of its portfolio (of newer and larger suburban office buildings)."

The complex, which sits at the corner of Church and Main streets, is across the street from developer Louis Cappelli's proposed City Center at White Plains project, which, if approved, would involve the demolition of the vacant Macy's store to make way for 600,000 sf of retail space and 600 rental apartment units. The 235-245 Main St. complex also includes some ground-floor retail space.

Commenting on the decision by the two owners to put their properties on the market, Colwell notes, "They are stabilized properties, it is a good time to sell. There is a lot of good money out there chasing real estate."

Instant Insights /

Reckson and Lend Lease Put Office Properties on Market

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