White Plains Plaza, a complex composed of two 15-story office buildings, has been sold for $105 million, the Business Journal learned this afternoon from the real estate services firm Newmark, which has been marketing the property. The buildings involved are at 1 N. Broadway and 445 Hamilton Ave. The buyer is a privately-held New York-based investment firm, Argent Ventures.
Newmark characterizes the transaction as “the largest single asset office sale in Westchester since 2010.”
Last July, when the Business Journal reported that the buildings were on the market, Newmark’s Tri-State Capital Markets Executive Managing Director Kevin Welsh was quoted as saying that the property “offers investors an exceptional value-add opportunity and scale with a combination of long-term durable cash flow and near-term upside through pushing rents on the leasing of the available space as well as marking rents to market on renewals.”
The buildings have a total of 715,365 square feet and date from 1968. At the time it opened, White Plains Plaza made a splash as an important element in the revitalization of White Plains that was just beginning. The 1 N. Broadway building became a popular entertainment destination for Westchester residents because it housed a large United Artists movie theater. After the theater closed, the space was transformed into a fitness club complete with swimming pool.
The real estate firm Ivy Realty bought the property in 2015. Shortly after the purchase, Ivy announced that it had initiated a multi-million dollar revitalization of the complex.
In the latest sale, Newmark represented the partnership of Ivy Realty and DW Capital and procured the buyer.
In addition to Welsh, Newmark personnel who worked on the transaction included: Managing Director Brian Schulz; Director Jason Emrani; Evan Layne; Brett Siegel; and Alex Foshay. Executive Managing Director Glenn Walsh acted as the team’s leasing market advisor. Newmark’s Capital Markets Strategies President Anthony Orso and Senior Managing Director Ari Schwartzbard worked on behalf of Argent to secure the acquisition financing for the sale.
White Pains Plaza currently is 76% leased and has 74 companies as tenants, according to Newmark.
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