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WHITE PLAINS-A group of private investors, led by GHP Office Realty of White Plains, has acquired approximately 185,000 sf of commercial space in the New York City suburbs in three separate transactions.

The firm reports it has closed on the purchase of: 1290 East Main Street, a 55,000-sf office building in Stamford, CT; The Colonial, a 65,000-sf medical office building at 560 Northern Blvd. in Great Neck (Long Island); and 179 Westmoreland Ave., a 65,000-sf industrial building in White Plains.

GHP’s Chairman, James J. Houlihan, says, “The acquisition of these three buildings provides GHP Office (Realty) the opportunity to add three fully leased multi-tenanted assets in prime locations, all at significantly below replacement cost.” No purchase prices in the three deals were reported.

GHP officials note that 1290 East Main Street is a Class A, fully occupied office building, located on the Stamford/Darien border. Built in 1986 by SCI Development, the building has a tenant roster that includes the corporate offices for Wahlstrom Publishing, a division of True North Communications, a worldwide advertising agency; the executive offices of Bartlett Tree Company; the U.S. headquarters of Norseland, Inc., which recently expanded and renewed its lease and the regional headquarters for Corporate Express.

The principals of GHP and private investors provided equity for the transaction. Debt was sourced with Jack Houlihan of Houlihan-Parnes/iCap Realty Advisors. Matt Keefe of HK Group represented the sellers. Hugh Finnegan, Esq. of Siller Wilk, represented GHP Office Realty. Ted Dacey of Electronic Land Services, Inc., of White Plains provided title, according to GHP officials.

The Colonial, a medical building on the corner of Northern Blvd., and Lakeville Road in Great Neck, was purchased by GHP Office’s related company, Coolidge Equities, according to company officials. GHP Office is planning an extensive renovation of the building’s lobbies and common areas. The building is currently 92% occupied.

Coolidge Equities principal, Robert Tiburzi, notes, “The Colonial Building is the premium medical building in the heart of the Great Neck market. We intend to polish this jewel with new lobbies, fixtures and flooring.”

The 179 Westmoreland Ave. property is a full leased, two-story, industrial building located in downtown White Plains across from the Metro North Train Station. The building boasts drive-in doors and loading docks on each level, and is home to six local tenants.

Andrew M. Greenspan, a GHP Office principal, remarks, “The industrial vacancy rate within the City of White Plains is practically zero. With all of the exciting development White Plains is currently experiencing, we thought 179 Westmoreland provided us an opportunity to add to our core White Plains holdings with a building that will service the growing local industry.”

GHP Office Realty represented itself; financing was sourced through Jack Houlihan of Houiihan-Parnes/iCap Realty Advisors. Hugh Finnegan, Esq., of Siller Wilk, represented GHP Office Realty. Ted Dacey of Electronic Land Services, Inc. of White Plains provided title.

GHP Office Realty, formed in late 1999, presently owns, manages and leases 15 mutli-tenanted office buildings and approximately one million sf in five counties and three states in the New York City suburbs.

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