CBRE announced today the $26 million sale/partial leaseback of 500 & 540 White Plains Road in Tarrytown, NY. The majority of 500 White Plains Road, a critical Research & Development facility was leased back by BASF. Jeffrey Dunne, Steven Bardsley, and Travis Langer of CBRE’s Institutional Properties Group, in collaboration with Alyssa Fricke, David Opper and Jeff Babikian, of Advisory & Transaction Services represented the seller, BASF Corporation. CBRE also procured the buyer, Tarrytown Holdings DE LLC, an entity managed by Northpath Investments.
500 & 540 White Plains Road with convenient access to I-287 and the Mario Cuomo Bridge, totals
approximately 276,000 sq. ft. of both office and R&D space, which was 52% leased at the time of sale,
including BASF’s leaseback and a separate lease with Northwell Health System. The property offers
Northpath stable in-place income created by two investment grade credit tenants, while providing
significant upside through both the lease-up of the office space at 540 White Plains Road, and the
remaining laboratory space in 500 White Plains Road.
“We are so excited about the opportunity to add BASF and Northwell Health to our portfolio of socially
responsible, life science tenants” said Gershon Alexander, Principal of Northpath Investments.
“The positive cash flow provided by the existing credit tenancy will allow Northpath to focus on repositioning and the lease-up of the vacant space,” added Dunne of CBRE. “Easy access, coupled with
proximate retail and hotel amenities will enhance the vacant space lease-up of the property.”
CBRE Institutional Properties is marketing a number of attractive investment opportunities including:
The Woodbury Portfolio, a six-building, 719,317 sq. ft. office portfolio, Woodbury, NY; One East Putnam Avenue and One Lafayette Place, a two building 90,168 sq. ft. CBD portfolio, Greenwich, CT. 33 Riverside Avenue, a 91% leased, 42,432 sq. ft. waterfront property, Westport, CT; and 1311 Mamaroneck Avenue, a 310,882 sq. ft. office building in White Plains, NY.