C&W executive vice president Andrew Merin confirmed reports from local real estate sources that AEW, the advisor to the owner of the 14-building, 1.6-million-sf portfolio, had retained the firm as the sales agent. Merin, who is with the Metropolitan Area Capital Markets Group with C&W, says it bested six other commercial brokerage firms for the assignment.
He says C&W has already begun the marketing program with letters expected to go out to investors today or Thursday. The firm has not set up property tour dates as yet. The portfolio was developed in the late 1960s, 1970s and 1980s and owned by Schulman Realty. It was acquired by the General Motors Pension Fund in May 1992.
"We are looking for bids probably before Labor Day," Merin says. "I'd expect that we will settle on a buyer by September."
Although EastRidge managing director Ellen Lynch said last month when the firm announced that the properties were being put on the market that a sale would only take place "if the numbers make sense," Merin says he is confident a buyer will be found. Merin relates that the portfolio should be attractive to investors due to its quality and location as well as its upside potential, since the office campus-style portfolio, located along Interstate 287 in White Plains and Harrison, is about 78% leased at the moment.
"There is a great opportunity to increase investor value through leasing," he says. Also working on the assignment are executive vice president David Bernhaut, executive director Gary Gabriel, senior directors Patrick Colwell and Jose Cruz, director Ines Leung and senior director Glenn Walsh, who will be offering leasing support.
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