RPW Group, Inc. (RPW) is pleased to announce the firm has acquired 10 Bank Street in White Plains, NY (the “Property”) from Empire State Realty Trust. The transaction represents the company’s first acquisition of a Class A office building in the White Plains CBD market. The sale of 10 Bank Street is the second major office building sale in White Plains this year, highlighting investors’ view of the long-term strength of the market.
Newmark’s Capital Markets Executive Managing Director Kevin Welsh, and Managing Director Brian Schulz, collaborated with Evan Layne and Brett Siegel, the Co-Heads of the company’s New York Capital Markets Investment team, to facilitate the sale, while Executive Managing Director Glenn Walsh served as the team’s leasing market advisor.
“RPW Group is pleased to enter the downtown White Plains market with the acquisition of such an outstanding building, 10 Bank Street. The asset has an excellent history of single-digit vacancy coupled with institutional ownership in ESRT, which has maintained the building in excellent condition,” said Andrew Weisz, President at RPW Group, Inc.
10 Bank Street is a 12-story, trophy office building comprised of 239,000 SF. Its prominent identity is highlighted by its sawtooth design, extensive window line with floor-to-ceiling glass and virtually column-free floorplates. The Property’s superior market position is further defined by its exceptional location adjacent to the White Plains Transportation Center, which serves the Metro North commuter line with 35-minute express service to Grand Central Terminal.
“In the new year, we will undertake a capital improvement program including a renovated lobby and dining facility and a new tenant lounge, conferencing center, and gym. RPW Group is proud to now offer a downtown offering amongst our 4 million RSF portfolio and looks forward to implementing our family’s long-term value add strategy,” added Weisz.
White Plains offers a transit-centric location and a rapidly expanding mixed-use amenity base with 1,700 apartments under construction and $2.3 billion of capital investments in the CBD. White Plains’ walkable downtown environment is attracting millennials that are relocating to suburban markets outside of NYC in search of more space and a higher quality of life. White Plains has experienced significant institutional investment, with long-term commitments from several major multifamily developers. Once all the planned developments are delivered complete, the CBD population has the potential to increase by 25 percent.