Newmark Grubb Knight Frank (NGKF) completed several leases for two properties in White Plains, New York owned by Ivy Realty.
Known as White Plains Plaza, the mixed-use complex is comprised of One North Broadway (South Tower) and 445 Hamilton Ave (North Tower) and encompasses over 700,000 s/f of Class A space.
Executive Managing Director Glenn Walsh, Senior Managing Director Larry Ruggieri, and Associate Ross Armstrong, are the exclusive leasing agents for both properties.
Since taking ownership in June of 2015, Ivy Realty has committed to investing $30 million in renovations to the complex. “Our commitment to improving these buildings has been mirrored by NGKF’s dedication to retaining existing tenants while also bringing in new occupants who recognize the value offering of White Plains Plaza,” noted Anthony DiTommaso, Jr. co-chief executive officer of Ivy Realty.
Since Ivy Realty took ownership of White Plains Plaza, 14 leases have been signed for a total of 150,000 s/f, accounting for 26 percent of the total leasing activity in the White Plains Central Business District’s (CBD) Class A market during the same period.
With proximity to local, county and federal courthouses, each 15-floor building is heavily populated with law firms and financial services companies, but in recent months, the complex has begun attracting tenants from other service industries as well, leading NGKF to sign over 38,000 s/f of new leases for five new tenants across both buildings.
The property revitalization taken on by Ivy Realty also renewed the interest of existing tenants that had begun considering other office alternatives.
Nine deals in renewals and expansions were completed in the last year totaling over 100,000 s/f Keane & Beane, a legal services firm founded in 1980, renewed their 26,356 s/f space, long term at 445 Hamilton Avenue.
NGKF brokered the largest renewal of the second quarter in the White Plains CBD when Cuddy & Feder re-committed to 26,356 s/f at 445 Hamilton Avenue.
One North Broadway has seen its share of activity, such as the renewal and expansion of Kurzman Eisenberg Corbin & Lever, LLP for a total of 24,241 s/f. Little Big Brands, an advertising and marketing services firm joined the South Tower’s tenant roster with a new 8,289-square-foot lease.
White Plains Plaza is an ideal location for businesses as tenants are able to walk to the nearby Metro-North train station or utilize the complimentary shuttle to and from the complex.
“White Plains is undergoing a transformation from being strictly a business district consumed with office buildings to a live/work/play destination,” said Walsh. “The extensive renovations of this complex has marked a real turning point for the area in catering to both office tenants and retailers.”
