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WHITE PLAINS-A key executive with EastRidge Properties says that preparations are now being made to put the office portfolio, located along the I-287 corridor in the eastern section of Westchester County, on the market. Ellen Lynch, managing director of EastRidge Properties and senior vice president of Albert B. Ashforth, Inc. of Stamford, CT, says EastRidge is currently interviewing commercial real estate brokerage firms to be sales agent for the 14-building, nearly 1.6-million-sf office portfolio located here and in Harrison. The portfolio, once part of the Schulman Realty portfolio, was acquired in a deed in lieu of foreclosure transaction by the General Motors Pension Fund in May 1992.

Lynch says that the chief reason why the properties are being put on the market is “due to the increased investor interest in Westchester County. It is a good time to see how the market is going to respond to it.”

EastRidge is expecting proposals back from commercial brokerage firms vying for the sales agent assignment by next week and the firm hopes to make a decision by the end of this month. Allowing for several weeks to prepare marketing materials on the properties, Lynch believes the portfolio will officially be on the market within about six weeks.

While there is no timetable on any sale, those involved with the portfolio are looking at completing a transaction by year’s end, Lynch says. However, she cautioned that a sale would only take place, “if the numbers make sense.”

The portfolio is currently 82% leased. The largest blocks of space available are the former Diageo space–70,000 sf–at 103 Corporate Park Dr. here, 45,000 sf of former General Motors’ space at 2500 Westchester Ave. in Harrison and the former Snapple space, totaling 26,800 sf at 709 Westchester Ave. also in White Plains.

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