Insignia/ESG hails rebirth of White Plains office market.
After years of struggling with stagnant growth, the Downtown White Plains office market has entered a period of solid recovery. The total supply of available space has dramatically dropped, rents are rising and leasing velocity is strong. In addition, the volume of sales activity has risen sharply, with a number of major properties recently trading. Insignia/ESG is highly active in this market, completing several significant sales of CBD properties over the past year.Most recently, Insignia/ESG's William V. Cuddy, Jr. negotiated that sale of the former White Plains Post Office at 143 Grand Street to the County of Westchester. The new owner will initially use the 32,000 square-foot building for county operations, with plans for future office and residential development on the site. By purchasing 143 Grand Street, the county will reduce its operating expenses by $1 million.
In December, Cuddy, in conjunction with Insignia/ESG Capital Advisors Group, arranged Hines/Morgan Stanley's sale of 10 Bank Street, one of the city's premier buildings, to W&M Properties. The transaction won the National Association of Industrial and office Professionals' (NAIOP) "Owner-Investor Acquisition of the Year" award for 1999 and garnered the highest price ever for a property in White Plains.
Additionally, Cuddy was the sole broker on the sales of 31 Mamaroneck Avenue and 80 Maple Avenue. The Westchester Arts Council purchased 31 Mamaroneck Avenue, an eight-story, 48,000 square-foot building, for its arts center from Chase Manhattan Bank. 80 Maple Avenue, a 5,000 square-foot building near the White plains Hospital, was sold to Gilda's Club Westchester, a non-profit children's cancer advocacy group.
According to Cuddy, "These transactions are indicative of the strength of the White Plains market and the renewed desirability of the city as both a business location and a thriving center of arts, entertainment and health-related services."
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| Publication: | Real Estate Weekly |
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| Article Type: | Brief Article |
| Geographic Code: | 1U2NY |
| Date: | May 10, 2000 |
| Words: | 304 |
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