12:00 PM
Newmark Grubb Knight Frank (NGKF) is pleased to announce that it has been awarded the agency assignment for the 325,600-square-foot, Class A office building at 1311 Mamaroneck Avenue in White Plains, New York. NGKF’s Executive Managing Director Glenn Walsh along with Senior Managing Director Larry Ruggieri and Associate Ross Armstrong will exclusively represent landlord, Onyx Equities, LLC (Onyx Equities), in the leasing of the building.
Onyx Equities, a fully integrated real estate investment company specializing in acquiring and repositioning undervalued properties in the New York tri-state region, purchased 1311 Mamaroneck Avenue in 2014 with the intent to reposition the property. “We are thrilled to be representing 1311 Mamaroneck Avenue again,” said Walsh. “The building’s floor plans are flexible, offering the opportunity to amass an 80,000 to 100,000-square-foot space. We are able to create a building within a building with its own entrance for any large tenant looking in Westchester County,” he added.
Since its purchase, Onyx Equities has committed over $5 million in renovations of the 25-acre property, comprising three, five-story interconnected buildings. The glass and steel structure building boasts an updated lobby, overhauls of the common corridors and restrooms, as well as a brand new cafeteria with indoor and outdoor seating, a new elegant conference facility and a fitness center furnished with new equipment. In addition to the light-filled atrium court, extensive landscaping improvements and a water feature surround the office park.
“This is a very scarce and unique opportunity, considering it is one of only a small handful of large blocks of true Class A office space left on the market,” Ruggieri remarked.
“We made major investments to reposition this property and are confident that with the completion of the significant renovations and the experience that the NGKF team brings to the property, leasing activity will increase,” said John Saraceno of Onyx Equities. “Along with Siguler Guff, our joint venture partner, we’ve already leased over 35,000 square feet of space since taking ownership.”
The property is situated at Exit 23, directly off the Hutchinson River Parkway and one mile from Exit 18 off I-95. It is adjacent to Saxon Woods Park with walking and jogging trails, and is easily accessible to the downtown area of White Plains, Manhattan and all major airports. A shuttle service is offered to the Mamaroneck and White Plains Metro-North train stations.
About Newmark Grubb Knight Frank
NGKF is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.