Urdang has sold the 320,000-square-foot Parker Corporate Center in New York’s White Plains area for $82 million – a profit of $13.4 million in two years.
The private equity real estate arm of BNY Mellon Asset Management originally acquired the office property in a joint venture with real estate investment firm Onyx Equities in November 2006 for $68.6 million, according to data from Real Capital Analytics.
In a statement, Urdang – which purchased the office complex through its $267 million Urdang Value-Added Fund – said it had sold the property to an unnamed buyer for $81.8 million.
Jonathan Davis, vice president of Onyx Equities, said in a statement the duo had upgraded the building on Mamaroneck Avenue, which was fully leased to tenants, including real estate firm Acadia Realty. It was previously the headquarters of IBM.
Urdang was founded in 1987 and closed its second value-add real estate fund, Urdang Value-Added Fund II on $463 million in April this year. Its predecessor fund closed in 2004. The funds target office, retail, multifamily and industrial properties in the US, with typical investments between $20 million to $75 million.