$36,750,000 Acquisition
Ten Bank Street was acquired in August 1999 with the proceeds from the sale of another W&M property as a tax-deferred exchange pursuant to Section 1031 of the Internal Revenue Code. This 12 story, Trophy, 220,000 square feet multi-tenant office building property was purchased with little need for renovation or upgrade. The property is positioned as a well known, premier building in White Plains located in an area with average vacancy rates below 5%, a strong tenant roster with well-spaced lease expirations, and a flexible multi-tenant floor layout.
Located in the resurgent Central Business District, one block south of the Metro North Transportation Center, Ten Bank Street was designated "Office Building of the Year" in 2000 by the Building Owners and Managers Association.
Peter L. Malkin and Anthony E. Malkin are the sole members of the Manager.
