Record sale on 'Platinum Mile'.
Michael Schor, executive vice president of the Treeline Companies, made the announcement. The Garden City-based Treeline Cos. sold the two buildings totaling 212,000 s/f for roughly $200 per foot. Adam Spies, Douglas Harmon and Kara Wiard of Eastdil Realty Services LLC represented the Treeline Companies in this record transaction.
"Since acquiring Two and Four Gannett Drive in 1999, the Treeline Companies has made significant improvements by applying our value added approach to commercial office investment," said Mr. Schor of Treeline. "While we have greatly enjoyed enhancing these assets, we could not pass up the opportunity to capitalize on current market demand for prime properties. Treeline will continue to seek out new investments throughout the Greater New York Metropolitan area."
Totaling 106,000 square-feet each, the Class A, five-story properties at Two and Four Gannet Drive offer amenities such as cafeterias, fitness centers, outdoor parking and easy access to I-287, the Merritt Parkway, Hutchinson River Parkway, I-684 and I-95. Major tenants include Informa Investment Solutions, Arthur Gallagher, Abitibi Consolidated, ASC Telecom, BETA Center, Homesite Insurance, Info USA and Whiting Turner Contracting, Inc.
The nearly 100%-occupied assets--built in 1982--had more than 30 bidders swarming around the offer. Since relatively few properties come on the market, low inventory has put pressure on prices.
Demand is especially strong in and around White Plains and Gannett Drive is located just off Westchester Avenue, adjacent to Interstate 287 along the desirable Platinum Mile, home of multiple corporate headquarters. The sale price reflects the extent of competition for the property, but the race was ultimately decided in favor of Heritage Realty Services.
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|Title Annotation:||Treeline Companies sells office buiding to Heritage Realty Serices LLC|
|Publication:||Real Estate Weekly|
|Date:||Aug 3, 2005|
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