The Westchester Financial Center, a renowned office complex in White Plains, N.Y., is set to undergo an extensive makeover, following its acquisition by Ginsburg Development Cos. (GDC).
50 Main Street, White Plains (Yardi Matrix)
The property, located just a block away from the White Plains Metro-North Station, has been purchased in an $83 million portfolio transaction, Yardi Matrix data reveals. The portfolio consists of a 571,000-square-foot two-building complex comprising a 15-story, 309,000-square-foot tower at 50 Main St. and a 14-story, 262,000-square-foot tower at 1-11 Martine Ave.
The new owner plans to reimagine the 1986-built assets as a modern mixed-use complex incorporating office space, retail shops, restaurants, and residential units. Furthermore, GDC will shed the property’s old name and rebrand it City Square.
“I have always admired this important gateway complex, and so we are thrilled to be working with Robert Martin Co. and its founder Bob Weinberg on this exciting project that will reinvent these iconic buildings as a key component of the new 24-hour live-work-play environment envisioned by the City of White Plains at its gateway and train station,” Martin Ginsburg, the founder of GDC, said in a statement.
The extensive redevelopment project includes revamping and expanding the lobby of the building at 50 Main St., to showcase new art and sculpture displays. At the same time, the tower will feature an amenity floor which will house a fitness center, a yoga studio, a game room, a lounge, and a business center. The on-site café is also going to be renovated, to provide both indoor and outdoor dining. As for the building at 1-11 Martine Ave., this high-rise will be converted into a mixed-use asset featuring luxury residential apartments and office space, each portion featuring its own lobby and elevator banks.
The main highlight of the complex, a unique 2-acre central court, will feature a 2,000-step walkaround between landscaped areas, a water feature, various sculptures, and some gathering places such as an outdoor lounge and a sun deck.
The Westchester Financial Center includes a third building, a 124-unit luxury apartment tower, which was purchased by the company last year. The Westchester County office complex occupies a full city block bounded by Main Street, Martine Avenue, Bank Street and South Lexington Avenue. A transit-oriented property, it provides easy access to the I-287 and the Bronx River Parkway, and lies close to the Federal and County courthouses, the Galleria Mall and the White Plains Transportation Center.
