UAE’s GII Acquires Office Building in White Plains, NY from Westport Capital Partners

Dubai-based financial services firm, Gulf Islamic Investments LLC (GII), announced the acquisition of a Class A office complex, 140 and 150 Grand Street in White Plains, New York (the Property), on behalf of its investors, for an undisclosed amount.

GII didn’t disclose the Property’s NOI, cap rate & expected return. It didn’t respond to AnalyzeMarkets’ request for comment.

With c. 220,000 sqft of leasable area and current occupancy of over 90%, the Property has over 30 tenants, according to GII.

Intelligence from AnalyzeMarkets Real Estate Database:

According to AnalyzeMarkets real estate database, the Property’s vendor is a Connecticut-based real estate investment firm, Westport Capital Partners LLC, and CBRE was the selling advisor.

Westport acquired the Property in late-2015 for reportedly c. USD 22mn and appointed Cushman & Wakefield as a property manager and CBRE as the leasing agent for the Property.

The Property has USD 3.5mn of in-place NOI and seven years of WALT.

140 Grand Street building was built in 1990, while150 Grand Street building was built in 1962 and renovated in 2007.