Reckson purchased the 117,936-sf office building located along the I-287 Platinum Mile corridor in White Plains for approximately $210 per sf. Reckson Associates Realty declined comment.

Vice chairman Jeffrey Dunne and Steven Bardsley, first vice president, of CB Richard Ellis' New York Tri-State Investment Team, represented the seller (711 Westchester Avenue LP) and procured the buyer. Dunne could not be reached for comment at deadline.

Jeffrey Newman, executive vice president of W&M, says the four-story property is currently 95 percent leased to 18 tenants. Some of the larger tenants at the property are HDR, the Guild Group, Fidelity, Key Bank, Spectrum Equity Funds and American Mortgage Corp.

W&M acquired 711 Westchester Ave., the former headquarters of TransAmerica Leasing, in 1996 in foreclosure proceedings for $4.3 million or approximately $36 per sf. At the time the property was completely vacant.

After its purchase, W&M Properties undertook an extensive capital improvement program at the building. "We totally redeveloped the property and made it into a multi-tenant Class A office building," Newman says. The Building Owners & Managers Association of Westchester awarded its Office Building of the Year honor to 711 Westchester Ave. in 1998 and again in 2003. The building is located adjacent to the EastRidge Properties portfolio, which is currently on the market for sale. Sources say a buyer is expected to emerge from several rounds of bidding for that 1.5 million-sf complex soon.

Instant Insights /

GlobeSt.com EXCLUSIVE: Reckson Buys 711 Westchester Ave. for $25M

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