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WHITE PLAINS-GHP Office Realty reports that Con Edison Co. of New York has signed a long-term lease for the entire 12 Water St. building here. The 45,000-sf lease is for five years with options, according to GHP principal Andrew Greenspan. Con Edison, which has been upgrading and modernizing its electric distribution substation located at the corner of Hamilton and New streets nearby, is expecting to take occupancy shortly.

The utility plans to utilize 12 Water St. for expansion and overflow of its Westchester operations based in Rye and as “swing space” while the firm renovates its headquarters on Irving Place in Manhattan, Greenspan says.

The space became available when Radio Computing Services, a computer software subsidiary of Clear Channel Communications Inc., decided to relocate its operations to the White Plains Plaza office complex a few blocks away. RCS was the sole tenant at 12 Water St.

Greenspan says the building was not vacant for one single day. “That shows the great strength of the downtown White Plains market,” he notes.

GHP acquired the property four years ago. Westchester commercial office building pioneer Lowell Schulman originally developed the property in 1984.

“We have been committed to Downtown White Plains,” Greenspan says. “Even before the recent development wave we anticipated a demand for office space centrally located in the county’s transportation hub. Con Edison’s commitment to the Central Business District demonstrates these facts.”

GHP, the owner, managing and leasing agent for the property, represented itself, as did Con Edison. GHP is the office building division of Houlihan-Parnes/iCap Realty Advisors LLC of White Plains.

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