TARRYTOWN, N.Y., June 13, 2022 (GLOBE NEWSWIRE) — Northpath Investments (“Northpath”) closed on a $26 million sale and partial leaseback of 500 & 540 White Plains Road (the “Property”) in Tarrytown, NY. The majority of 500 White Plains Road, a Research & Development facility, was leased back by the seller, BASF Corporation.
500 & 540 White Plains Road is approximately 281,000 square feet of both office and R&D space, which was 52% leased at the time of sale, including BASF’s leaseback, a lease with SunChemical at 500 White Plains Road, and a separate lease with Northwell Health in 540 White Plains Road. The property offers Northpath stable income from two investment grade credit tenants, while providing significant upside through the lease-up of the office space at 540 White Plains Road in addition to the remaining laboratory space at 500 White Plains Road.
“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.
Financing for Northpath was secured by Michael Klien of JLL while Jeffrey Dunne, Steven Bardsley, and Travis Langer, of CBRE’s Institutional Properties Group represented the seller, BASF Corporation.
About Northpath Investments
Northpath Investments is a privately held real estate investment firm headquartered in New York City. Northpath is focused on the acquisition, development, redevelopment and management of retail, industrial and office properties in the Northeast and Mid-Atlantic. Northpath has an excellent track record in the ownership and management of real estate assets and seeks to create value for investors, partners, and the communities in which they work and live.
Contact: Danielle Gross