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

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

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

The major tenant at the 2651 Strang property is Mercy College, which operates its Yorktown Heights campus in approximately 47,000 square feet of leased space, leaving approximately 100,000 square feet of vacant space. The building was formerly occupied by Empire Blue Cross/Blue Shield, which relocated operations there to Orange County, NY some time ago. The 2649 Strang building is approximately 66% leased to a host of health care providers including ENT & Allergy Associates, Hudson Valley Hematology, North Shore-Long Island JHS, Northern Westchester County Dental, and Hudson Valley Orange Surgery and Dialysis Clinic, Inc.

The GHP Office acquisition team was led by Principal Andrew Greenspan, Executive Vice President Jamie Schwartz, Vice President of Operations Michael Cinicolo, Director of Administration Andrea Lofaro and Associate Harrison Lyss.

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

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

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

GHP Office Realty appeared before the Westchester County Industrial Development Agency on Sept. 18th seeking a mortgage tax exemption in connection with the pending purchase deal. GHP's Schwartz says that the company plans to resubmit its proposal to the IDA seeking in addition to a mortgage tax exemption, sales tax exemptions in connection with its planned renovations at the property.

Instant Insights /

GHP Office Realty Buys Two-Building Property in Westchester

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