Rexcorp Platinum Mile renovations half completed
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- March
- 12
Good weather has given the new owners of Westchester County’s Platinum Mile a jump on $18 million to $20 million in renovations to the group of 14 office buildings along the Interstate 287 corridor.
Joseph Caruso, senior vice president of leasing for RexCorp Realty, said the project is about half completed and will continue into 2008.
Reckson Associates Realty Corp. had bought the properties in 2005 and announced the renovations several months later. The buildings changed hands once more when Reckson was acquired by SL Green Realty Corp. of Manhattan in a $6 billion deal that closed in January.
As part of the deal, a management group led by then-Reckson Chief Executive Officer Scott Rechler bought the Platinum Mile properties, in White Plains, Harrison and Purchase, from SL Green for about $2 billion, and formed RexCorp.
The office buildings date back to the 1970s and were due for rehab. RexCorp is upgrading the heating, ventilation and air conditioning systems, sprinklers and other building code-related items, and refurbishing the lobbies and elevators.
A new conference center at 707 Westchester Ave. can accommodate 35 people. The cafeteria was overhauled. Among other improvements: wireless Internet access.
In January, warm weather allowed the construction of canopies and light poles throughout the White Plains Corporate Park of five buildings that include 707 Westchester Ave. Some preliminary landscaping work also was done that will resume when warmer weather returns.
About 68 percent at the space in the office buildings was leased at the time of the acquisition, a figure that now has risen to 73-74 percent, Caruso said.
RexCorp plans presentations in the weeks to come to area brokerages as it aims to attract more tenants in the market. Caruso said the company isn’t interested in a quick facelift before trying to sell the buildings.
“We’re here for the long haul. We want to make the renovations not just pretty but substantial,� he said. “We’re holders of real estate.�
This entry was posted
on Monday, March 12th, 2007 at 6:37 pm by Jerry Gleeson.
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