YORKTOWN HEIGHTS, NY—GHP Office Realty, LLC ofWhite Plains has acquired a two-building mixed-use complex,totaling approximately 209,000 square feet, from a specialservicer.

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While the company refused to divulge the purchase price, asource tells Globest.com that the property, formerly known asTaconic Corporate Park, was purchased for approximately $11million. GHP states that it plans to embark on a $6-milionrenovation of the two buildings before the end of this year.

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The additions to the GHP portfolio include 2649 StrangBlvd., a 66,267-square-foot, three-story medical officebuilding, and 2651 Strang Blvd., a one-story,142,811-square-foot technology-medical-laboratory building. The twoproperties are currently 40% leased.

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The major tenant at the 2651 Strang property is MercyCollege, which operates its Yorktown Heights campus inapproximately 47,000 square feet of leased space, leavingapproximately 100,000 square feet of vacant space. The building wasformerly occupied by Empire Blue Cross/Blue Shield, which relocatedoperations there to Orange County, NY some time ago. The 2649Strang building is approximately 66% leased to a host of healthcare providers including ENT & AllergyAssociates, Hudson Valley Hematology,North Shore-Long Island JHS, NorthernWestchester County Dental, and Hudson ValleyOrange Surgery and Dialysis Clinic, Inc.

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The GHP Office acquisition team was led by PrincipalAndrew Greenspan, Executive Vice PresidentJamie Schwartz, Vice President of OperationsMichael Cinicolo, Director of AdministrationAndrea Lofaro and Associate HarrisonLyss.

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“The unique nature of product type made this deal attractive toGHP and its partners,” Greenspan says. “We are creating the onlylarge block of Class A one-story technology, laboratory, medical orflex space in Westchester. We will retrofit the former BlueCross/Blue Shield space and create individual units for corporate,hospitals, computer or entrepreneurial companies.”

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GHP's Schwartz adds, “We are planning to invest $6 million intothe buildings to bring them up to date and make them more energyefficient. We have approximately 100,000 square feet of technology,medical or laboratory space at 2651 Strang Blvd. We believe thistype of space is in short supply in Westchester County and areoptimistic about our leasing prospects. Additionally, there are anumber of small units available at 2649 Strang, which is thepremier office and medical building in the area.”

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The two-building former Taconic Corporate Park was built in thelate 1980s and was formerly owned by an entity of developer NormanFeinberg, CEO of Gateside Corp. of Rye, NY.

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GHP Office Realty appeared before the Westchester CountyIndustrial Development Agency on Sept. 18th seeking amortgage tax exemption in connection with the pending purchasedeal. GHP's Schwartz says that the company plans to resubmit itsproposal to the IDA seeking in addition to a mortgage taxexemption, sales tax exemptions in connection with its plannedrenovations at the property.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.