April 5, 2022 1:30 PM
Newmark announces it has been awarded the exclusive leasing assignment for 555 Pleasantville Road, a six-building suburban corporate center located in Briarcliff Manor, New York. Newmark’s Executive Managing Director Glenn Walsh and Senior Managing Director Lawrence Ruggieri have been hired to lease the project on behalf of the locally-based ownership, a joint venture between Saber Real Estate Advisors, Tarrytown Partners and GHC Development. Newmark has also been hired to handle the property management at the complex.
The joint venture, which recently acquired the campus to revitalize the property for long-term ownership, plans extensive renovations to the assets, including upgrades to the elevators, HVAC, bathrooms and common areas, cafeteria, conference center and fitness center. The campus offers features that will appeal to tenants in a post-COVID environment, including direct entry to several tenant spaces, high-performance air filtration, and the incorporation of upgrades, including touchless points in bathrooms and common areas.
“As the new ownership, we are committed to bringing this campus back to the beautiful quality that it once was,” said Martin Berger, Managing Member of Saber Real Estate Advisors. “We have the wherewithal and dedication to fund the necessary capital improvements, the commitment to make decisions for an efficient leasing process, and the consistency of onsite personnel with Newmark’s best-in-class property management and leasing teams.”
Approximately 100,000 square feet of office space is available at the property, which can be delivered vacant and can accommodate tenants as small as 1,890 square feet. It is ideal for life sciences, education, or non-profit tenants.
“The ownership team is breathing new life into this stunning campus,” said Walsh. “With an aggressive pricing structure and lease terms, commitment to prebuilt space, and quality upgrades planned, the group’s pride of ownership will be on display for any tenant seeking unique, quality office space in a beautiful setting.”
555 Pleasantville Road features five office buildings on a 15.3-acre site. The low-rise North and South Office Buildings form the central core of the wooded complex, which also features a free-standing, two-story, 12,830-square-foot conference center, 6,078-square-foot Tudor mansion and a 1,500-square-foot educational/training facility.
The complex is situated in one of Westchester County’s most prestigious areas, just minutes from Pleasantville and Chappaqua and proximate to Pace University and the Rockefeller State Park Preserve at Pocantico Hills. The complex is easily accessed via the Pleasantville Road exit of the Taconic State Parkway, the Saw Mill River Parkway and Route 9A. The campus offers an easy 15-minute commute from White Plains and a 45-minute drive to Manhattan.
According to Newmark Research, the Westchester County office market finished 2021 in a stable position despite continued disruption from the Omicron variant. Leasing activity in 2021 reached 2.0 million square feet, on par with the county’s pre-pandemic five-year annual average from 2015 to 2019. Demand during the fourth quarter reached a post-pandemic high of 542,000 square feet. Improved leasing resulted in positive net absorption of 153,750 square feet during the fourth quarter, pushing the overall availability rate down 60 basis points from the prior quarter.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.9 billion for the year ending December 31, 2021. Newmark’s company-owned offices, together with its business partners, operate from approximately 160 offices with over 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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