The firm is a principal owner of the Crossroads Shopping Center located on the Greenburgh/White Plains border. Heyman owns a host of commercial properties in Connecticut, including Stamford Industrial Park and 441 Canal St. The firm also owns the Stamford Marriott as well as the Marriott Courtyard by LaGuardia Airport. The firm's commercial portfolio totals approximately three million sf.

Cushman & Wakefield's Capital Markets Group, consisting of senior director Patrick Colwell and executive vice president Andrew Merin, worked with C&W's Glenn Walsh, the leasing agent, in representing MetLife in the transaction. C&W also procured the buyer, which represented itself in the deal.

White Plains Plaza, which consists of two, 15-story buildings--One North Broadway and 445 Hamilton Ave.--first opened around 1970. MetLife acquired the complex in 1989 for a reported $125 million, according to knowledgeable local real estate sources.

The building, which at one time served as the headquarters for Prodigy Inc., is now 72% occupied. Major tenants include Nextel, which occupies approximately 65,000 sf; the law firm Jackson Lewis LLP, which leases 54,000 sf; and Lillian Vernon, which has a 52,000-sf office there.

Heyman Properties bested a number of bidders for the property, including Ivy Equities, which owns the adjoining Shoppes at Main complex. The property, a former Sears department store, is being redeveloped as a multi-tenanted retail property and will be the home for a new 160,000-sf Wal-Mart general merchandise store, which is expected to open next fall. C&W officials say Ivy submitted a bid for the White Plains Plaza property, but was not among the finalists.

"There was a huge amount of interest in this property," Colwell says. He notes that the sales price "met or exceeded the seller's expectations." C&W has been retained by Heyman Properties as the leasing and managing agent for the complex.

Instant Insights /

Heyman Properties Closes $60M Deal for White Plains Plaza

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