The Research Center on Natural Conservation Acquires Nine-Building Campus
The CBRE team of William V. Cuddy, Jr., Executive Vice President and Jacqueline Novotny, Senior Associate along with Patrick Colwell, Senior Vice President for Investment Properties, have arranged the $17.4 million sale of Pace University’s Briarcliff Manor location in Westchester, NY. The nine-building property was sold vacant to the Research Center on Natural Conservation, a not-for-profit enterprise which organizes educational forums with an emphasis on conservation and the effects of global warming.The organization is also owner of the Arden House Estate in Harriman, NY and the New York Military Academy in Cornwall-on-Hudson. In addition to the sale, the team also arranged for the relocation of select Pace administrative offices, which previously occupied a portion of the Briarcliff Manor Campus, into 34,000 square feet at SLGreen’s Summit Office Park at 100 Summit Lake Drive in Valhalla, NY.
“Pace University consolidated its Westchester campus by building new residence halls, athletic facilities and fields and expanding the student center which enabled the sale of the Briarcliff Manor property,” said Mr. Cuddy. “Pace engaged CBRE as advisor to sell the 37-acre complex in Westchester. We were able to work closely with the University to find the most appropriate buyer for the property and are thrilled to have Research Center on Natural Conservation make use of the amazing facilities.”
Located at 235 Elm Road in Briarcliff Manor, the complex comprises approximately 330,000 square feet of space in nine buildings constructed between 1902 and 1966. The facilities include administrative offices, student housing, dining halls, classrooms, athletic fields and tennis courts. The Briarcliff Manor Campus is accessible via routes 9 and 9A, the Saw Mill River Parkway, the Taconic State Parkway and Metro North commuter train.
Richard M. Warshauer, Senior Managing Director of Colliers International represented the Research Center on Natural Conservation in the negotiations. The not-for-profit organization based in China plans to expand its educational venture in the U.S.
CBRE’s agency team also concluded the sale of the former Pace University Graduate facility located at One Martine Avenue in downtown White Plains to Mack-Cali Realty Corp. in May 2016 for $11.3 million. The sale of the 82,000-square-footfacility consolidates Mack-Cali’s ownership of the 180,000-square-foot complex.
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