Greenwich, CT-based Ivy Realty is looking to sell the 715,365 s/f White Plains Plaza it has owned since 2015.
The company has retained a team from Newmark to market the The Property consists of two Class A office buildings with retail. It is currently 75 percent leased to a diverse roster of companies, with none of the 74 tenants occupying more than five percent of the asset.
Ownership recently transformed the buildings through a $24.3 million capital investment, creating new lobbies, common areas, amenities, and base building infrastructure to create a modern work environment.
“WPP 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,” said Kevin Welsh, Newmark’s Tri-State Capital Markets Executive Managing Director who is marketing the property with Brian Schulz, Evan Layne, Brett Siegel and Alex Foshay.
“As companies evaluate a shift to less dense locations, but near Manhattan, White Plains Plaza will be a major beneficiary of this trend while also offering tenants lower operating costs and an abundance of lifestyle amenities within walking distance from the property,” added Welsh.
Ivy Realty acquired White Plains Plaza office in a distressed sale in 2015. The property – which at one time served as the headquarters for online services pioneer, Prodigy Inc. After they relocated, it was acquired by the locally-based Heyman Properties for $60 million but the company lost it to debtors after defaulting on an $80 million mortgage.
White Plains Plaza consists of two 15-story office buildings at One North Broadway and 445 Hamilton Avenue.