CASE STUDY
Grand Street Plaza
REAL ESTATE | USA
Date of
Q1 2020
Investment
Value
$45 mn
Lettable
Area
220,000 sq ft
Location
New York
In March 2020, Grand Street Plaza - located in White Plains, New York - became Gulf Islamic Investments’ third real estate acquisition in the USA. The property increased GII’s total real estate footprint in North America by more than 25 percent and reinforced the firm’s investment conviction for suburban office real estate around New York City, where its earlier two acquisitions were already located.
Grand Street Plaza comprises two adjoining low-rise office buildings and is situated within one block of the Federal, Supreme and County Courthouses and is a 7-minute walk from the White Plains transportation centre, making it the preferred destination for government affiliated and law related tenants. In addition, its strategic location in affluent Westchester County – only 40 minutes away from Manhattan – makes it the ideal suburban alternative or satellite office to large corporations in the metropolitan New York City area.
The property continues to command an above-market occupancy rate and is currently at 90 percent occupancy with over 30 tenants.
The prime location of Grand Street Plaza together with its robust tenancy schedule, superior institutional maintenance and infrastructural upgrades, places this investment in a Core Plus investment bracket that offers a great degree of income resilience and is expected to generate attractive risk-adjusted returns for GII’s investors.
