$170m White Plains sale.White Plains class A office building, 144 South Broadway, was sold by Westchester-based real estate investor A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. and developer, Bianco Pepe to Beacon Beacon, city (1990 pop. 13,243), Dutchess co., SE N.Y., on the E bank of the Hudson River; settled 1663, inc. in 1913 when Fishkill Landing and Matteawan villages were united. Capital Partners for just over $170 million last week. A Cushman & Wakefield team handled the sale, which was described by a source familiar with the transaction as especially competitive for the White Plains market. Potential buyers were allowed little due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and those who advanced to the later rounds of bidding were required to lay down hefty heft·y adj. heft·i·er, heft·i·est 1. Of considerable weight; heavy. 2. Rugged and powerful. See Synonyms at heavy. 3. deposits in the high seven figures--unusual features for an auction in White Plains, a city real estate experts describe as having a suburban feel and whose fundamentals and asset prices typically lag well behind those in major urban centers. Office vacancy rates in White Plains are in the mid teens and rental rates for class A office stock typically max out in the low $30 per s/f range. 144 South Broadway, which is 866,000 s/f and is the tallest office building in White Plains, is roughly nine, ty percent occupied and will have the opportunity to soon garner higher cash flow for space that is currently leased at below market rents. IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) is scheduled to vacate To annul, set aside, or render void; to surrender possession or occupancy. The term vacate has two common usages in the law. With respect to real property, to vacate the premises means to give up possession of the property and leave the area totally devoid of contents. 300,000 s/f, space for which it is paying $16 per s/f and that the new owners could likely lease for double that value when it rolls over. The C&W team that handled the deal also brokered the 2005 sale of MetLife's White Plains Plaza to Heyman Properties for $60 million. |
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