CBRE announced today the $12 million sale of 115-117 Stevens Avenue, a two-building office property in Mount Pleasant, N.Y. The team of Jeffrey Dunne, Steven Bardsley and Stuart MacKenzie of CBRE’s Institutional Properties Group, in collaboration with William V. Cuddy Jr. of CBRE’s Advisory & Transaction Services Group, represented SL Green in the sale. The team also procured the buyer, GHP Office Realty, a major owner of office buildings in Westchester County.
Situated in central Westchester County, 115-117 Stevens Avenue consists of two Class A office buildings totaling 182,930 square feet. The property is located approximately 10 minutes from Downtown White Plains and offers convenient access to Westchester’s major thoroughfares, including Interstates 287 and 684. 115-117 Stevens Avenue benefits from recent capital improvements, including improved amenity spaces, making the asset very attractive to businesses and investors in a continually improving Westchester County office market.
“The tightening Westchester County office market, driven by the adaptive repurposing of older office product, and the increased demand stemming from Westchester’s cluster of biotech and healthcare businesses bodes well for GHP to lease space at 115-117 Stevens Avenue,” said Dunne, a vice chairman at CBRE.
GHP intends to invest $3.5 million in the building at 117 Stevens Avenue to create new lobbies and to accommodate small-user tenants.
CBRE Institutional Properties has a number of attractive investment opportunities including: 3HQ a 408,917-square-foot 99% leased office building in Melville, N.Y..; Park 80 West, a 92% leased 510,126-square-foot trophy office asset in Saddle Brook, N.J.; and RFR – Stamford Office Portfolio, a 789,128-square-foot, 84% leased office portfolio in Stamford, Conn.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
