White Plains Office Property Trades for $105M
Argent Ventures has acquired the 715,365-SF White Plains Plaza in a transaction that represents Westchester’s largest single asset office sale since 2010.
WHITE PLAINS, NY – New York-based, privately-held investment firm, Argent Ventures has acquired the class A office property, White Plains Plaza, in White Plains, NY for $105 million.
The acquisition serves as Westchester’s largest single asset office sale since 2010.
The property was purchased from the partnership of Ivy Realty and DWCapital.
White Plains Plaza is comprised of two institutional-quality office buildings that total 715,365 square feet. The property 76% leased to 74 different companies.
Ivy Realty and DWCapital previously invested $24 million at the property to create a collaborative work environment with new lobbies, outdoor plazas, common areas and a range of amenities.
For the transaction, Newmark represented the sellers and procured the buyer.
“This market-making transaction demonstrates investor appetite for class A multi-tenant urban/suburban office properties and illustrates confidence in the long-term future of White Plains,” says Kevin Welsh, executive managing director at Newmark. “White Plains Plaza was successfully repositioned by the execution of a transformational capital improvement program that created a highly collaborative work environment and powerful market position for the asset. The sale reinforces Argent’s strategic vision for White Plains as one of the premier mixed-use office markets in the Tri-State.”
Facilitating the sale was the firm’s Tri-State capital markets executive managing director Kevin Welsh, managing director Brian Schulz, director Jason Emrani, co-heads of New York capital markets investment sales Evan Layne and Brett Siegel, and divisional head of international capital markets Alex Foshay. Newmark’s executive managing director Glenn Walsh served as the team’s leasing market advisor.
Newmark’s capital markets strategies president Anthony Orso and senior managing director Ari Schwartzbard worked on behalf of Argent Ventures to secure the acquisition financing.
White Plains, NY has received significant institutional investment with long-term commitments from numerous multifamily developers. Once all planned developments are complete, the city’s CBD population is expected to increase by more than 25%.