The properties under contract are 170 Hamilton Ave., a three-story, 60,000-sf asset, and 7-11 South Broadway, a five-story, 70,000-sf building. Greenspan did not reveal financial terms of the transaction but did note that he expected the deal to close at the beginning of 2001. "When we're done (with the deal) we will have five buildings in White Plains," he said.
The company, which was formed in late 1999, has already acquired One and Four West Red Oak Lane, which totals almost 150,000 sf of space and 297 Knollwood Rd., a 35,000-sf office building near the White Plains/Greenburgh border adjacent to I-28. GHP's other property holdings include: 30 and 40 Ramland Rd. in Orangeburg, NY, which total 83,000 sf.; 8 King Rd. in Rockleigh, NJ, a 195,000-sf office building; and 1221 Post Rd. East in Westport, CT, which totals more than 70,000 sf.
Greenspan also revealed that GHP and Houlihan-Parnes Realtors LLC will relocate their respective corporate headquarters operations from 455 Central Ave. in Scarsdale to its One West Red Oak La. property.
Due to the recent media reports detailing the heavy leasing activity in Westchester, Greenspan related that commercial real estate in the area is getting costlier. "Westchester has gotten more expensive," he charged. Greenspan added that, although some officials in the investment community have told him that the price escalation for office properties in Westchester has subsided recently, "I haven't seen any evidence of that."
Greenspan, who held executive positions with Robert Martin Co. and Mack-Cali Realty Corp., said his firm "is not done" and will continue to look for acquisition opportunities in its market area, which includes the lower Hudson Valley region of New York State, specifically Westchester, Rockland, Putnam and Orange counties, as well as in Northern New Jersey, and Fairfield County, CT.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
