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WHITE PLAINS-In a deal valued at $6.7 million, Reckson, a division of SL Green Realty Corp of New York City, has purchased the 150 Grand St. building here from the Lightstone Group of New York City. John Barnes, SVP and director of Reckson, says the firm plans to undertake a $5-million capital improvement program at the Downtown White Plains property that will begin in the next two weeks.

Al Mirin and Silvia Pogosyan of CB Richard Ellis’ Westchester/Fairfield Private Client Group as well as CBRE VP Al Gutierrez represented the seller in the transaction. Reckson has hired CBRE as exclusive leasing agent for the property that is located next to Reckson’s 130,000-sf 140 Grand St. office building. Gutierrez and Ian Ceppos, associate of CBRE’s Stamford office, will oversee the property’s marketing campaign.

For years Westchester County government has been a major tenant at the property. However, Reckson’s Barnes notes that the county will be vacating its remaining 14,000 sf of space in about two to three weeks. The sole tenant of the building will then be the law firm of Greenspan & Greenspan, which occupies approximately 2,000 sf of space.

Barnes says Reckson plans to develop a “rich new facade” for the building along with a new roof and new mechanical systems, as well as improvements to the lobby and elevators. “We’re going to upgrade the building from a class B to a class A building,” he adds.

The asking rents at the property prior to the sale were in the low to mid $20s per sf, Barnes says. Once the capital improvement effort is complete, the Reckson executive says prospective tenants can expect to pay about $30 a sf for space there.

CBRE’s Mirin says of the sale, “This transaction was a fantastic deal for both buyer and seller. The building is a great find overall, however the one glaring challenge was the lack of parking. Reckson acquired an otherwise valuable asset and appreciated this investment instantly given their position as a contiguous neighbor with abundant parking to share with 150 Grand St.” With the purchase, Reckson’s portfolio in White Plains now totals approximately 600,000 sf.

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