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WHITE PLAINS-Jack Parker Corp. of New York City has sold its 325,600-sf Parker Corporate Center office property at 1311 Mamaroneck Ave. here to a joint venture of Onyx Equities LLC of Woodbridge, NJ and Urdang Capital Management, headquartered in Plymouth Meeting, PA. UCM/Onyx-1311 Mamaroneck Owner LLC purchased the property from Parker affiliate Hutchinson Corporate Park Associates for $68.5 million or approximately $210 a sf.

Michael Nevins, vice president of asset management for Onyx Equities, says the joint venture was attracted to the property due to its unique position in the White Plains market.

“We are the closest suburban-type office building from the Downtown White Plains market,” he says. Therefore the property will benefit from the very tight White Plains CBD where conditions are tightening and asking rents “are skyrocketing,” he notes.

“This is an absolute play on the strength of the White Plains CBD,” Nevins says.

It is the joint venture’s first acquisition in Westchester. Onyx owns approximately two million sf of office and retail space in New Jersey and another 300,000 sf of office/retail space in Pennsylvania.

Jonathan Davis, vice president of investments for Onyx Equities, represented the buyer.

Some financing was placed with Credit Suisse First Boston in connection with the deal, Onyx officials say.

The Parker Corporate Center, built in 1982 and fully renovated about seven years ago, is 95% leased. The Leukemia and Lymphoma Society is the largest tenant at more than 50,000 sf. Other firms that occupy significant space at the property include: Acadia Realty Trust, Chubb Insurance Co. and Gerber Life Insurance Co.

Onyx officials say that between 20% and 25% of the leased space at the building will be rolling over in the next two to three years, which will give the firm the opportunity to “ratchet up rents” that are at the moment well below market rate.

The new ownership plans to invest approximately $500,000 in landscape improvements as well as upgrade the fountain at the front of the property.

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