URDANG, Onyx Sell White Plains Office for $81M
- Nov 05, 2008
A joint venture between URDANG and Onyx Equities L.L.C. has sold the 320,000-square-foot Parker Corporate Center in White Plains, N.Y., for $81.8 million, a gain of nearly 20 percent over the November 2006 purchase price of $68.5 million. The fully leased, multi-tenant building was part of the URDANG Value-Added Fund L.P. portfolio. During the two years that the fund owned the property, Plymouth Meeting, Pa.-based URDANG and Woodbridge, N.J.-based Onyx Equities upgraded the landscaping and signage, while overhauling the leasing strategy. Current tenants include Acadia Realty and OrthoNet. While the national office market has struggled this year, tenants in Westchester County leased more space than what came onto the market–through the first three quarters, according to a third quarter 2008 research report on the Westchester County office market by real estate services firm Grubb & Ellis Co. The White Plains CBD market, however, underperformed the rest of Westchester County as availability increased 20 basis points to 17.7 percent. Suburban availability declined by 50 basis points to 18.2 percent. Class A asking rates in the White Plains CBD fell $0.48 to $39.43 per square foot, while asking rates in suburbs moved down from $30.37 to $29.98 per square foot in Class A buildings. Set in a 25-acre park-like setting, the building, which at one time was IBM’s headquarters, features a full-service cafeteria with indoor and outdoor seating, a fitness center equipped with locker rooms, an executive parking garage, on-site management and concierge service and a shuttle to the Metro-North train station in Mamaroneck, N.Y. The site is near major highways including the Hutchinson River Parkway and Interstates 95 and 287. As part of New York City-based BNY Mellon Asset Management, URDANG manages $1.2 billion in private real estate investments through URDANG Capital Management Inc. and $2.2 billion in public real estate securities through URDANG Securities Management Inc. BNY Mellon Asset Management has approximately $1.1 trillion in assets under management. Onyx Equities owns a $680 million portfolio of 3.4 million square feet of office, retail and industrial properties in New Jersey, New York, Connecticut, Pennsylvania and Florida.