X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-SL Green Realty Corp. has acquired in an off-market transaction an office building along I-287 on the White Plains/Greenburgh, NY border and a Downtown Stamford office property from RPW Group of White Plains. The firm paid a total of $46.6 million.

The acquisitions bolster SL Green’s 3.6-million-sf portfolio in Westchester County and Fairfield County, CT, which it acquired in the merger with Reckson Associates Realty Corp. That transaction, valued at $6 billion, closed on Thursday, Jan. 25. The sales deal with RPW Group, closed on Jan. 19, according to those familiar with the deal.

SL Green Realty acquired 399 Knollwood Rd., a 143,000-sf fully leased office building on the White Plains/Greenburgh border for $31.6 million. The deal is valued at $216 per sf, slightly below the record Westchester sale price of $219 per sf paid by Heritage Realty Services LLC of New York City last year for 3 Gannett Dr. in Harrison.

In addition, SL Green acquired 300 Main St. in Stamford, an 85,000-sf office building from RPW Group for $15 million. The class B building is 90% leased. The deal is valued at $176 per sf.

Andrew Merin, vice chairman, and Patrick Colwell, senior director of the New York Metropolitan Area Capital Markets Group of Cushman & Wakefield, along with Glenn Walsh of C&W’s Transaction Services Group represented RPW Group.

David Schonbraun, managing director of SL Green, says of the deal, “We felt both properties are good compliments to the properties we are acquiring from Reckson.”

C&W’s Colwell adds, “This shows the continued interest in Westchester County by investors and is another example of a sale over $200 a sf, which is becoming somewhat commonplace now in Westchester County for class A product.”

Robert Weisz, chairman and CEO of RPW Group, says his firm will use the proceeds from the sale as available capital for future acquisitions. Commenting on the sale with SL Green, he notes, “I think this is a great message to the market that a company like SL Green is making further investments in the market other than what they are acquiring from Reckson.”

A few months ago, RPW Group acquired the 606,606-sf 1133 Westchester Ave. office building in Harrison. The firm will be converting that property to multi-tenant use. IBM, the former owner of the property, has relocated a significant amount of personnel from there to other buildings in Westchester.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.