WHITE PLAINS-The ownership of Westchester One plans to place the 850,000-sf property up for sale this week. Located at 44 South Broadway, the office was built on spec by the late Salvatore Pepe, founder of Bianco & Pepe of Bronxville.

Cushman & Wakefield is exclusively marketing the site. It will be the first time the 21-story property has been officially put on the market for sale since 1975 when it was built. It has served as a home to offices for IBM for years.

The property’s owner, Westchester One LLC, an entity controlled by the Pepe family, “believes it is a good time to sell,” says Patrick Colwell, senior director of Cushman & Wakefield’s Capital Markets Group. “The market is getting very strong in White Plains and the capital markets are still strong and aggressively seeking significant projects.” Colwell, along with C&W vice chairman Edward Weiss, Andrew Merin, vice chairman of the firm’s Capital Markets Group, and senior director with C&W Greg Frisoli are working on the assignment.

The property is currently 94% leased. Argent Mortgage occupies 300,000 sf of space at the building, while IBM leases approximately 279,000-sf. However, the computer giant has sublet approximately 90% of that space. Other major tenants include Oxford Health Plains, which leases 56,000 sf, Reuters, which occupies 42,000 sf and Blue Sky Studios, which occupies more than 100,000 sf. No asking price has been set for the building, which is located next to the Westchester and Westchester Pavilion shopping malls on the outskirts of the downtown area.

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