Scarsdale Firm Buys White Plains Office Complex

WHITE PLAINS-The Archon Group, a subsidiary of Goldman Sachs, has sold the two-building complex at 1 and 4 West Red Oak Lane to GHP Office Realty, a relatively new Scarsdale-based real estate company that is aggressively expanding its office and flex space portfolio in the New York metropolitan area.

No purchase price was revealed. The properties were 83% leased at the time of sale and talks are under way to bring the complex to full occupancy. The 1 West Red Oak Lane building, which totals 20,000 sf, is vacant, while 4 West Red Oak, a four-story building that totals approximately 130,000 sf, is fully occupied.

Andrew M. Greenspan, a principal of GHP Office Realty, says that the complex should be fully leased in the near future. “We are in negotiations with a tenant for the remaining 20,000 sf of available space,” he says. “We hope to make an announcement soon.”

The 4 West Red Oak Lane building serves as the corporate headquarters for ITT Industries and also houses various divisions of Verizon, formerly known as Bell Atlantic.

The acquisition continues the aggressive expansion posture of GHP Office Realty, which was formed less than a year ago. Greenspan estimates that the firm now has a portfolio that “is approaching one million sf.” The firm owns properties in Westchester and Rockland counties in New York State, Fairfield County, CT and Bergen County, NJ.