An office complex in Westchester has traded hands in one of the county’s largest such transactions in recent memory.
Argent Ventures scooped up the White Plains Plaza, a pair of 15-story office buildings at 1 North Broadway and 445 Hamilton Avenue, for a combined $105 million, the Westchester and Fairfield County Business Journals reported. The seller was a partnership between Ivy Realty and DW Capital.
Newmark, which represented the sellers, called it the “largest single-asset office sale in Westchester since 2010,” according to the publication.
Built in 1968, the two buildings total more than 715,000 square feet and are 76 percent leased to 74 different tenants, Newmark added.
Ivy Realty acquired the properties in 2015, after prior owner Heyman Properties defaulted on an $80 million mortgage, according to Real Estate Weekly. In partnership with DW Capital, Ivy then spent $24 million on upgrades, including adding new lobbies, outdoor plazas, common areas and other amenities.
It put the buildings on the market in July, when Newmark’s Kevin Welsh said the complex “offers investors an exceptional value-add opportunity and scale with a combination of long-term durable cash flow and near-term upside through pushing rents on the leasing of the available space as well as marking rents to market on renewals.”
Welsh was part of an extensive Newmark team that helped arrange the transaction, according to WestFair, including Anthony Orso and Ari Schwartzbard, who worked to secure acquisition financing for Argent.
The last time Argent made significant noise in the market was more than a year ago, when the company bought the senior mortgage on the 795-room Crowne Plaza Times Square for about $90 million, roughly 50 percent off the face value of the loan Deutsche Bank, Morgan Stanley and ICBC had provided Vornado Realty Trust to refinance the property in 2018.
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[WestFair] — Holden Walter-Warner