Mack-Cali buys corporate park.
Taxter Corporate Park, a two-building, 350,000-square-foot Class A office complex located at 555 and 565 Taxter Road in Elmsford, has long been considered one of Westchester County's most prominent and desirable locations due to its state-of-the-art facility, unparalleled visibility, easy access to Manhattan, and location two miles from the Tappan Zee Bridge at the crossroads of the New York State Thruway (1-87) and the Saw Mill River Parkway. Throughout its history, it has housed some of the region s leading corporations. The 17-acre property overlooks the Hudson River and boasts picnic areas, walkways, a fitness center, cafeteria, sundry shops, covered executive parking and multi-storied atrium lobbies.
The sale of Taxter Corporate Park has significance on a number of levels. The property is truly one of the county's recent success stories, and testifies not only to the rebirth of the Westchester County office market, but also to the overall heat of the Westchester West submarket. Just over a year ago, when Insignia/ESG became leasing agent and property manager for the park, 33 percent of its total space was unoccupied. The western submarket, of which Taxter is part, was faring better at that time, but still reported 14.5 percent of its office supply as available. Today, Taxter Corporate Park is almost fully occupied following a focused marketing campaign that netted new leases by Nextel of New York, Inc., Nationwide Mutual Insurance, LCC International and Allied Domecq Spirits & Wines and a 100,000square-foot lease extension by Fuji Photo Film USA. The Westchester West submarket, primarily as a result of this activity, saw similar improvement in fortune -- its availability rate is now the lowest in the cou nty at 10.9 percent.
Taxter Corporate Park Associates has owned Taxter Corporate Park since its construction in the mid-1980s. The complex, however, fits perfectly into Mack-Cali Realty's Westchester portfolio. As one of the county's largest property owners, the REIT currently claims more than 4.4 million square feet in 58 buildings. Many of these are in close proximity to Taxter, including 570 Taxter Road, Cross Westchester Executive Park and Mid-Westchester Executive Park. Insignia/ESG's expertise and relationships with the investment community made the connection between Taxter Corporate Park, Taxter Corporate Park Associates and Mack-Cali possible and resulted in the maximum value for the property.
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|Title Annotation:||Taxter Corporate Park Assoc.|
|Publication:||Real Estate Weekly|
|Article Type:||Brief Article|
|Date:||Jun 21, 2000|
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