This week’s Business Journal features a detailed report on SL Green Realty Corp.’s arrival into Westchester’s office market, and what it’s saying about its plans in the county seat. As you might expect, Green is bullish on the county but isn‘t saying much in the way of specifics.
Click here to read my SL Green story.

One observation, if I may: The battle of the Reckson successors is going full steam. Green has named its holdings in Westchester and Connecticut’s Fairfield County under the entity name “Reckson, a division of SL Green.”

You’ll recall that the rest of the old Reckson portfolio is in the hands of that former company’s CEO Scott Rechler, who teamed up with Marathon Asset Management, whose real estate unit is led by Purchase developer Jon L. Halpern. The Reckson-Marathon venture goes under the name RexCorp Realty L.L.C. Rechler gave up the use of the name “Reckson” as part of the series of deals that split up the old Reckson portfolio.

Reckson vs. RexCorp. As Michael Buffer would say, ‘Let’s get ready to rum-bl-l-le!”
RexCorp struck the first PR blow last week, when it announced a signed lease with Henry Schein & Co., the healthcare products distributor, to move its Pelham office into 20,427 square feet at 2500 Westchester Ave. in Purchase.

Deeds disclose RexCorp’s local $253M investment

But the most interesting RexCorp news was the news that didn’t make a press release – namely the $252.87 million investment in Westchester’s office market made by the new privately-held real estate owner-manager.

Deeds filed Feb. 23 with the Westchester County Clerk’s office offer a partial, though not in all cases a building-by-building breakdown, of what RexCorp spent locally:

$49.68 million for the 158,302-square-foot 2500 Westchester Ave. and the 158,302-square-foot 2700 Westchester Ave., both in Purchase.

$46.51 million for the 133,955-square-foot 707 Westchester Ave., RexCorp’s home base in Westchester, and the 133,955-square-foot 709 Westchester Ave., both in White Plains.

$45.52 million for the 102,339-square-foot 106 Corporate Park Drive, the 106,624-square-foot 108 Corporate Park Drive [home of D&D parent Westfair Communications Inc. from 1995 to 1997] and the 38,801-square-foot 110 Corporate Park Drive, all in Harrison (White Plains address).

$33.42 million for the 92,348-square-foot 925 Westchester Ave. and the 92,251-square-foot 1025 Westchester Ave., both in White Plains.

$29.65 million for the 155,305-square-foot 701 Westchester Ave. in White Plains.

$25.78 million for the 133,282-square-foot 777 Westchester Ave. in White Plains.

$22.31 million for the 70,128-square-foot 103 Corporate Park Drive – slated for a gut-rehab over the next year -- and the 85,334-square-foot 105 Corporate Park Drive, both in Harrison (White Plains address).

Reader Comments

Add Your Comments