VALHALLA, NY-Diamond Properties of Valhalla has purchased the Sutton Park office complex here from Louis Dreyfus Property Group. The sale gives Diamond Properties a major presence in the Valhalla office market. The firm already owns and manages 400 Columbus Ave., a 141,000-sf office building located just down the street from the Sutton Park site. No purchase price was disclosed, however according knowledgable sources, the price was $14.3 million.

The 30-acre Sutton Park site currently consists of an existing 100,000-sf building (Sutton Park North). The three-story building is currently 97% occupied. Tenants in the building include: the New York City Department of Environmental Protection, Beth Israel Medical Center, Gallagher Benefits Group and Hudson River Group Inc. The property, located at 465 Columbus Ave. also features an onsite cafeteria and below grade parking. Louis Dreyfus purchased the Sutton Park complex in 1988.

Since then, under Louis Dreyfus’ direction, Sutton Park North was named “the Office Building of the Year” in 1997 and 1999 by the Building Owners and Managers Association of Westchester County. The sale also includes a planned 120,000-sf building that Louis Dreyfus had been marketing for prospective users.

James Kuhn, David Noonan, Patricia Valenti and Jennifer Schwartzman of Newmark & Co. Real Estate, Inc. represented the seller in the transaction, says David J. Friedman, northeast regional vice president of Louis Dreyfus Property Group. Carl Austin and Phil Luria of Austin Corporate Properties of Rye Brook represented the buyer in the deal.

The sales transaction marks the transfer by Louis Dreyfus of its last existing office property in Westchester County. The company does have approvals in place for a major office development in the Northern Westchester community of Lewisboro. In addition, the company is continuing to market a high-rise office development on Atlantic Street in Downtown Stamford, CT.

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