GHP Realty Under Contract to Acquire Two Buildings in White Plains

WHITE PLAINS-Andrew M. Greenspan, a principal of GHP Office Realty of Scarsdale, has revealed at a meeting of the Westchester County Board of Realtors’ Commercial Investment Division on Nov. 16 that the firm is under contract with a local family-owned construction firm to acquire two White Plains office buildings.

The properties under contract are 170 Hamilton Ave., a three-story, 60,000-sf asset, and 7-11 South Broadway, a five-story, 70,000-sf building. Greenspan did not reveal financial terms of the transaction but did note that he expected the deal to close at the beginning of 2001. “When we’re done (with the deal) we will have five buildings in White Plains,” he said.

The company, which was formed in late 1999, has already acquired One and Four West Red Oak Lane, which totals almost 150,000 sf of space and 297 Knollwood Rd., a 35,000-sf office building near the White Plains/Greenburgh border adjacent to I-28. GHP’s other property holdings include: 30 and 40 Ramland Rd. in Orangeburg, NY, which total 83,000 sf.; 8 King Rd. in Rockleigh, NJ, a 195,000-sf office building; and 1221 Post Rd. East in Westport, CT, which totals more than 70,000 sf.

Greenspan also revealed that GHP and Houlihan-Parnes Realtors LLC will relocate their respective corporate headquarters operations from 455 Central Ave. in Scarsdale to its One West Red Oak La. property.

Due to the recent media reports detailing the heavy leasing activity in Westchester, Greenspan related that commercial real estate in the area is getting costlier. “Westchester has gotten more expensive,” he charged. Greenspan added that, although some officials in the investment community have told him that the price escalation for office properties in Westchester has subsided recently, “I haven’t seen any evidence of that.”

Greenspan, who held executive positions with Robert Martin Co. and Mack-Cali Realty Corp., said his firm “is not done” and will continue to look for acquisition opportunities in its market area, which includes the lower Hudson Valley region of New York State, specifically Westchester, Rockland, Putnam and Orange counties, as well as in Northern New Jersey, and Fairfield County, CT.