Sold! Office Complex Goes For $55M In Westchester

A six-building office complex formerly known as Reckson Executive Park has been sold for $55 million, according to CBRE commercial real estate firm that brokered the deal.

International Drive near King Street in Rye Brook.
Photo Credit: *Google streetview*

Jon Craig

10/01/2018 5:00 a.m.

The property at 2 and 3 International Drive in Rye Brook, near King Street and New York's border with Connecticut was purchased by George Comfort & Sons.

Manhattan-based George Comfort & Sons acquired the 563,596-square-foot office complex in a joint venture with a fund managed by DRA Advisors.

The complex was owned by SL Green, which announced in April the impending sale of the property.

"The tightening of the Westchester County office market, which is partly driven by the adaptive repurposing of older office product for residential, medical and retail use, coupled with increased demand stemming from Westchester’s cluster of biotech and healthcare businesses, bodes well for GCS to lease the remaining space at Reckson Executive Park,” Jeffrey Dunne, a vice chairman at CBRE, said in a press statement.

The deal boosts the company’s presence in New York City’s suburbs just when George Comfort & Sons is planning major redevelopment projects in White Plains, Rye Brook and Stamford.

CBRE Group Inc. announced the deal was official July 24. CBRE represented SL Green and procured the buyer.

Three months ago, SL Green announced it had sold the rye Brook site, along with an office complex at 115-117 Stevens Ave. in Valhalla, in deals involving two separate buyers for a total of $67 million. The company did not name either buyer at that time.

GHP Office Realty was the buyer for the Valhalla property.

This purchase marks George Comfort & Sons’ second property in Rye Brook. The company leads an investment partnership that plans to demolish a mostly vacant 215,000-square-foot office building at 900 King St. The office building would be replaced by townhouses, apartments and an assisted living facility.

In White Plains, George Comfort & Sons has proposed redeveloping the former Good Counsel campus off of North Broadway. The city is reviewing plans that call for a mix of student housing for Pace Law School, luxury apartments and an assisted living facility.

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