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CHAPPAQUA, NY-With space conditions tightening in Westchester, the ownership of the Reader’s Digest property here–now called Chappaqua Crossing–has put a total of about 171,000 sf of office space at the complex on the market. The space put on the market is in sections of the main building that have been vacated by Reader’s Digest.

Last year, the publishing firm sold the 114-acre complex to SG Chappaqua in a sale-leaseback transaction valued at $59 million. The firm, which built its headquarters at the property in 1939, now has a long-term lease for approximately 200,000 sf of space and is currently consolidating its operations into that space.

SG Chappaqua, a partnership of Norwalk, CT-based Summit Development LLC and Greenfield Partners LLC, has retained Cushman & Wakefield of Connecticut as the exclusive leasing agent for the space. Felix Charney, president of Summit Development, says the campus has been “the gold standard for corporate headquarters facilities. Into this classic space we are incorporating 21st century technologies to meet the needs of today’s tenants. The result is a ‘smart’ building that’s ideal for today’s fastest growing companies.”

SG Chappaqua has proposed a plan to develop 348 units of age-restricted housing–above age 55–at the complex. The development will involve some new construction, including some demolition of existing space. Some of the amenities at the property include a full-service cafeteria with seating for more than 1,000, a 400-seat auditorium/conference center, a guest house, an in-house broadcasting studio and an 11,000-sf fitness center.

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