The Talleyrand Office Park at 200 and 220 White Plains Road in Tarrytown, New York— Courtesy: Newmark Knight Frank
By Joshua Burd
An investment firm has acquired a 179,000-square-foot office park in Westchester County, in a transaction arranged by Newmark Knight Frank’s New Jersey-based capital markets team.
Brokers with NKF represented the seller, an undisclosed institutional owner, in the trade of the two-building, 11-acre campus at 200 and 220 White Plains Road in Tarrytown, New York. Highstone Equity Group purchased the so-called Talleyrand Office Park for an undisclosed price.
Based in Rutherford, NKF Executive Managing Director Kevin Welsh, Managing Director Brian Schulz and Associate Director Chuck Kohaut led the brokerage team in the deal, with support from Executive Managing Director Glenn Walsh. The team was also responsible for procuring the buyer.
“Talleyrand garnered a deep level of interest from investors and redevelopers due to its value-add profile, highly accessible location, and flexibility to accommodate a wide size range of users within the tightening Western I-287 submarket,” Welsh said. “Highstone will achieve near-term upside by extending/restructuring existing leases and is well positioned to capture a broad base of tenant demand as they reposition the property.”
Located three minutes from the Mario M. Cuomo Bridge, the Talleyrand Office Park is comprised of two six-story, 90,000-square-foot buildings that are 45 percent leased to around two dozen tenants, NKF said. The property also benefits from its access to interstates 287 and 87 and Route 9, along with proximity to downtown Tarrytown and the train station.
Highstone plans to invest in improvements that include modernized common areas and the addition of new amenities such as a conference center, tenant lounge, fitness center and full-service cafeteria.