No purchase price was revealed. The properties were 83% leased at the time of sale and talks are under way to bring the complex to full occupancy. The 1 West Red Oak Lane building, which totals 20,000 sf, is vacant, while 4 West Red Oak, a four-story building that totals approximately 130,000 sf, is fully occupied.
Andrew M. Greenspan, a principal of GHP Office Realty, says that the complex should be fully leased in the near future. "We are in negotiations with a tenant for the remaining 20,000 sf of available space," he says. "We hope to make an announcement soon."
The 4 West Red Oak Lane building serves as the corporate headquarters for ITT Industries and also houses various divisions of Verizon, formerly known as Bell Atlantic.
The acquisition continues the aggressive expansion posture of GHP Office Realty, which was formed less than a year ago. Greenspan estimates that the firm now has a portfolio that "is approaching one million sf." The firm owns properties in Westchester and Rockland counties in New York State, Fairfield County, CT and Bergen County, NJ.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
