The deal was brokered by CB Richard Ellis' Tri-State Investment Team on behalf of Cornerstone Real Estate Advisers, Inc., acting as adviser to the owner, Massachusetts Mutual Life Insurance Company. The transaction marks the Winter Organization's entrance into the Westchester County commercial office market, says Jeff Dunne, the leader of the CB Richard Ellis Tri-State Investment Team. The transaction closed less than a week ago. CB Richard Ellis also procured the buyer in the deal.

The 81 Main St., property, which is predominately occupied by law firms, was sold at 96% occupancy. The largest tenants at the eight story, 117,000-sf building located nearby the White Plains Metro North railroad station and the Westchester County and U.S. District courthouses, include: Einhorn, Yaffee Prescott; Harrington, Ocko & Monk; Bartlett, McDonough Bastone & Monaghan and Serchuck & Zelermyer LLP. The property was built in 1984.

Commenting on the deal, CB Richard Ellis' Dunne says, "This transaction is indicative of the diversification trend that we anticipate for 2002, as owners of predominantly urban properties (particularly New York City) are expected to look at the suburbs more closely with an eye towards the opportunity of capturing tenants expanding their offices out of urban centers."