RPW Group Acquires New York Trophy Office Building – What is a Ground Lease?

, RPW Group Acquires New York Trophy Office Building – What is a Ground Lease?, Robert Khodadadian

10 Bank Street

RPW Group has acquired 10 Bank Street, a 239,000-square-foot Class A office building in downtown White Plains, N.Y., marking the firm’s first foray into the city’s central business district.

According to CommercialEdge, the asset last traded in 1999 when the now seller, Empire State Realty Trust, paid $37.4 million for it. The same source reveals that the 12-story trophy building was completed in 1989 and underwent cosmetic renovations in 2016.

Evolution Markets, True North Management Group, CohnReznick and United Corporate Services are a few of the tenants at the trophy office tower, as shown by the same data provider. An on-site café, a catering kitchen, an ATM, and FedEx and UPS drop boxes are among the amenities at 10 Bank Street.

The new owner plans a capital improvement program at the property next year, aimed at upgrading the lobby and the dining facility, as well as adding a new tenant lounge, conferencing center and gym.

Newmark Executive Managing Director Kevin Welsh, Managing Director Brian Schulz, together with Evan Layne and Brett Siegel, co-heads of the company’s New York Capital Markets investment team, arranged the sale of the office asset. Executive Managing Director Glenn Walsh served as the team’s leasing market advisor.

CBRE Senior Vice Presidents Michael McCall and Brian Carcaterra, along with Vice President Sheera Riemer, oversee leasing activity at the property. According to the company’s website, there are 67,769 square feet currently available for lease at 10 Bank Street.

Rich surroundings

The building is adjacent to the White Plains Transportation Center, serving the Metro North commuter line and providing connectivity to Grand Central Terminal. Accessible via the Hutchinson River/Merritt Parkway, as well as interstates 87, 95, 287 and 684, the property is less than 10 miles from Westchester County Airport. The LaGuardia, JFK and Newark airports are also within a 45-mile radius of the property.

Located in White Plains urban core, 10 Bank Street is surrounded by an array of banks, restaurants, hotels, business suppliers and retail centers. The Westchester Mall is less than 2 miles from the property, offering access to various shops, dining options and entertainment venues.

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According to the latest CommercialEdge office market report, office jobs growth in gateway and tech-focused markets improved year-over-year through September. New York recorded a 5.8 percent rise.

Millennials moving to suburban areas outside of New York City in search of more space and a higher quality of life are drawn to White Plains’ walkable and transit-oriented downtown area. The city has been enjoying significant institutional investment and long-term commitments from several multifamily developers. Upon completion of all the planned development, RPW Group expects the population of the White Plains CBD to rise by 25 percent.

The post RPW Group Acquires New York Trophy Office Building appeared first on Commercial Property Executive.

 Investment, New York, News, Northeast, Office, CBRE, Empire State Realty Trust, Newmark 

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