Joint venture acquires the 270-acre Landmark at Eastview in Westchester.

Eastview Holdings LLC, a joint venture LCOR Inc., Argent Ventures and Lehman Brothers Inc., has purchased the 270-acre The Landmark at Eastview in Westchester County, NY. The site includes 741,000 square feet of built space in five buildings which is used primarily for research and development purposes.

The Landmark at Eastview straddles the border of the towns of Greenburgh and Mount Pleasant. The 120-acre first phase can accommodate an additional 830,000 square feet as-of-right. Future phases, to be centered on the 150-acre unimproved portion of the site, could include a mix of additional office/research space, residential, hotel and retail.

Tenants in the existing space include Regeneron Pharmaceuticals, Inc.; Lockheed Martin Corporation; CK Witco Corporation; Praxair; Emisphere Technologies, Inc.; OSI Pharmaceuticals; and Cap Gemini Electronics. Union Carbide & Chemicals Plastics Company Inc. originally developed the site.

Commenting on the transaction, Peter Gilpatric, vice president of LCOR, noted "As a dedicated laboratory environment, The Landmark at Eastview offers a uniquely pristine, collegiate setting to a growing list of companies that recognize Westchester County to be a focal point for R&D. Given the site's existing tenant roster and reputation, expansion is a natural evolution."

Debt financing for the purchase was provided by CDC Mortgage Capital.

"The new partnership will allow for the effective management of the already built facilities, as well as the opportunity to explore additional development opportunities," said Mark Teitelbaum, managing director of Argent Ventures. "We think that the site, already recognized as one of the premier research and development hubs in the region, holds tremendous potential."

The Landmark at Eastview's natural campus includes wooded paths, tennis courts, picnic areas, employee dining in an upscale cafeteria, and other amenities. The development is in close proximity to the 3,000-acre Rockefeller Estate.

LCOR is a national development; asset management, investment and operations management company dedicated to providing business solutions for the benefit of clients, partners, investors and customers. Corporate and executive offices are located in Berwyn, Pennsylvania, with operating offices in New York City, Jersey City, Berwyn, Washington D.C,, Chicago, Dallas and Los Angeles.

Among LCOR's New York area ventures are: the $12 billion expansion of Terminal 4 at Kennedy Airport; the development of the 1 million square-foot Federal Office Building at Foley Square with the General Services Administration; development of the 1.2 million square-foot office building 101 Hudson Street and 10,000 residential units throughout north and central New Jersey.

Argent Ventures is a private, NY-based real estate Investment Group that focuses on value-added opportunities that often require intensive, hands-on management.