WHITE PLAINS—A more than half-a-million square-foot office complex in Downtown White Plains has traded for $83 million and the new ownership plans to convert a portion of the existing space to luxury rental apartments.

Entities affiliated with the principals of Ginsburg Development Companies of Valhalla, NY and Robert Martin Co. of Elmsford, NY acquired the Westchester Financial Center, a three-building, 571,000-square-foot office complex from Mack-Cali Realty Corp. The Westchester Financial Center was built in the mid-1980s by Robert Martin Co. as a three-building complex. The property was acquired in 1997 by the Cali Realty Corp. as part of its acquisition of the Robert Martin Co. Cali was later acquired by Mack Co. and subsequently operates as Mack-Cali Realty.

Martin Ginsburg, founder and principal of Ginsburg Development, tells Globest.com the new ownership plans to spend millions of dollars in the conversion of a portion of the office space to luxury rental apartments as well as the introduction of retail space and a host of new amenities at the property. The three-building complex will be renamed City Square.