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BASF Signs Sale/Partial Leaseback on Tarrytown Complex
TARRYTOWN—An entity managed by New York City-based Northpath Investments—Tarrytown Holdings DE LLC—has acquired in a sale/partial leaseback transaction with BASF Corp., 500 and 540 White Plains Road in Tarrytown in a deal valued at $26 million.
The deal was announced by commercial brokerage firm CBRE. The majority of 500 White Plains Road, a research and development facility, was leased back to BASF. Jeffrey Dunne, Steven Bardsley, and Travis Langer of CBRE’s Institutional Properties Group, in collaboration with Alyssa Fricke, David Opper and Jeff Babikian, of Advisory & Transaction Services represented the seller, BASF Corp. CBRE also procured the buyer, Tarrytown Holdings DE LLC.
500 and 540 White Plains Road totals approximately 276,000 square feet of both office and R&D space, which was 52% leased at the time of sale, including BASF’s leaseback and a separate lease with Northwell Health System. The property offers Northpath stable in-place income created by two investment grade credit tenants, while providing significant upside through both the lease-up of the office space at 540 White Plains Road, and the remaining laboratory space in 500 White Plains Road., CBRE stated.
“We are so excited about the opportunity to add BASF and Northwell Health to our portfolio of socially responsible, life science tenants” said Gershon Alexander, Principal of Northpath Investments.
“The positive cash flow provided by the existing credit tenancy will allow Northpath to focus on repositioning and the lease-up of the vacant space,” added Dunne of CBRE. “Easy access, coupled with proximate retail and hotel amenities will enhance the vacant space lease-up of the property.”
CBRE Institutional Properties is marketing a number of investment opportunities in the NYC metro region, including: The Woodbury Portfolio, a six-building, 719,317-square-foot office portfolio, Woodbury, NY; One East Putnam Ave. and One Lafayette Place, a two building 90,168-square-foot CBD portfolio in Greenwich, CT; 33 Riverside Ave., a 91% leased, 42,432-square-foot waterfront property in Westport, CT and 1311 Mamaroneck Avenue, a 310,882-square-footoffice building in White Plains.