RNY Property Trust Continues NY-Area Disposition Plan

The REIT selected Cushman & Wakefield to market the sale of its six-building Westchester County portfolio. It most recently sold 555 White Plains Road in Tarrytown, N.Y., marking the company’s third sale in this portfolio, this time to Mack-Cali Realty-owned Robert Martin Co.

Tarrytown Corporate Center, Tarrytown, N.Y.
Tarrytown Corporate Center, Tarrytown, N.Y.

Australian REIT RNY Property Trust, is exiting the New York Tri-State area with the sale of its Westchester County assets. The REIT, which is affiliated with RXR Realty, appointed Cushman & Wakefield’s Metropolitan Area Capital Markets Group to sell 555 White Plains Road in Tarrytown, N.Y. The buyer is Mack-Cali Realty-owned Robert Martin Co. Cushman & Wakefield Vice Chairmen Andrew Merin and David Bernhaut, Executive Vice President Gary Gabriel and Senior Director Brian Whitmer, assisted by Frank DiTommaso II and Al Mirin, brokered the transaction. According to YardiMatrix, the asset last traded in 1996 for $4.8 million.

Built in 1971, the 133,645-square-foot, five-story building is located in Tarrytown Corporate Center, a seven-building 975,779-square-foot office park on the Route 119 corridor owned by RXR Realty. The asset features 33,000-square-foot floors, a sleek lobby, building energy management system, 24-hour card access, a conference room, on-site banking and cafeteria, and 386 parking spaces with 64 covered executive spaces. It also faces White Plains Road and is located in close proximity to restaurants, retailers and the Tappan Zee Bridge. 

The building is currently 25 percent leased to two tenants. “The size of the floor plates combined with its layout and divisible floor plans allow for multi-tenanted scenarios, while its overall size and existing infrastructure make it ideal for a single tenant seeking an accessible, prominent corporate location,” DiTommaso said in a prepared statement.

C&W already handled the disposition of the REIT’s 660 White Plains Road, as well as 80 and 100 Grasslands Road, leaving 560 and 580 White Plains Road still available for sale.

Image courtesy of RXR Realty