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Newmark Grubb Knight Frank (NGKF) is pleased to announce it has completed several leases for two properties in White Plains, New York owned by Ivy Realty. Known as White Plains Plaza, the mixed-use complex is comprised of One North Broadway (South Tower) and 445 Hamilton Ave (North Tower) and encompasses over 700,000 square feet of Class A space in the heart of downtown White Plains. NGKF’s Executive Managing Director Glenn Walsh, Senior Managing Director Larry Ruggieri, and Associate Ross Armstrong, are the exclusive leasing agents for both properties.
Since taking ownership in June of 2015, Ivy Realty has committed to investing $30 million in significant renovations to the complex including cosmetic upgrades to the common areas in both buildings and the lobby of 445 Hamilton. The North Tower also received a new, modernized café, and a new contemporary conference center off the café area, while One North Broadway will see upgrades to the building’s beautiful outdoor courtyard. Other noteworthy upgrades are those being made to the parking garage. Plans include replacing the two plaza elevators, recoating all interior ramps, repainting all markings, improving all signage and wayfinding as well as replacing interior lighting with new LED fixtures. The garage will also be fitted with a new glass enclosed vestibule in the 445 Hamilton lobby area and similar glass enclosures on all levels that service the office floors. Finally, the current operating system will be replaced with a new modern payment and operating system. All renovations are slated for completion before the end of the year.
“Our commitment to improving these buildings has been mirrored by NGKF’s dedication to retaining existing tenants while also bringing in new occupants who recognize the value offering of White Plains Plaza,” noted Anthony DiTommaso, Jr. Co-Chief Executive Officer of Ivy Realty. Since Ivy Realty took ownership of White Plains Plaza, 14 leases have been signed for a total of 150,000 square feet, accounting for 26 percent of the total leasing activity in the White Plains Central Business District’s (CBD) Class A market during the same period.
With proximity to local, county and federal courthouses, each 15-floor building is heavily populated with law firms and financial services companies, but in recent months, the complex has begun attracting tenants from other service industries as well leading NGKF to sign over 38,000 square feet of new leases for five new tenants across both buildings. The property revitalization taken on by Ivy Realty also renewed the interest of existing tenants that had begun considering other office alternatives. Nine deals in renewals and expansions were completed in the last year totaling over 100,000 square feet. Keane & Beane, a legal services firm founded in 1980, renewed their 26,356-square-foot space, long term at 445 Hamilton Avenue. NGKF brokered the largest renewal of the second quarter in the White Plains CBD when Cuddy & Feder re-committed to 26,356 square feet at 445 Hamilton Avenue. One North Broadway has seen its share of activity, such as the renewal and expansion of Kurzman Eisenberg Corbin & Lever, LLP for a total of 24,241 square feet. Little Big Brands, an advertising and marketing services firm joined the South Tower’s tenant roster with a new 8,289-square-foot lease.
White Plains Plaza is an ideal location for businesses as tenants are able to walk to the nearby Metro-North train station or utilize the complimentary shuttle to and from the complex. The location has excellent access to I-287 and the Bronx River Parkway, as well as 24-hour security, onsite management, proximity to popular shops and restaurants, convenient banking and a Crunch Fitness facility within the complex.
“White Plains is undergoing a transformation from being strictly a business district consumed with office buildings to a live/work/play destination,” said Walsh. “The extensive renovations of this complex has marked a real turning point for the area in catering to both office tenants and retailers.”
About Ivy Realty
Founded in 1996, Ivy Realty is a Greenwich, CT-based real estate investment, development and management
company with a portfolio exceeding six million square feet of office, industrial and retail properties. Ivy invests on
behalf of institutional, discretionary funds in value-added investments in the Northeast U.S. and Southeast
Florida. For more information, visit www.ivy-realty.com.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank 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 14,100 professionals operate from more than 400 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/.