Pace Selling Briarcliff, White Plains Campuses

CBRE Group’s Westchester/Fairfield County office has been retained to represent Pace University in the sale of its Briarcliff Manor campus and its Lubin Graduate Center in White Plains.

The former is a 37-acre property at 235 Elm Road in Briarcliff Manor—once the campus of Briarcliff College— and the latter is the 82,000-sq.-ft. Evelyn and Joseph I. Lubin Graduate Center condominium, located in the Westchester Financial Center at One Martine Ave., in White Plains, NY.

“Pace is transforming the Pleasantville campus into an outstanding suburban residential campus with a distinctive identity. Consolidating our programs from Briarcliff and graduate studies from White Plains onto the Pleasantville campus creates a more desirable center for educational programs and recreational activities,” said William J. McGrath, Senior Vice President and Chief Operating Officer for the Westchester campuses of Pace University.

Pace has made major investments in its Pleasantville campus, providing state of the art classrooms, residence halls, and student activity space. Pleasantville has become the Pace University hub for undergraduate and graduate studies in Westchester, eliminating the need for the Briarcliff and Martine Avenue properties.

CBRE Group Executive Vice President William Cuddy is overseeing the assignment with Senior Associate Jacqueline Novotny responsible for the sale of the Briarcliff Campus and Patrick Colwell, Senior Vice President for Investment Properties responsible for the sale of One Martine Avenue. Combined, the team brings more than 60 years of commercial real estate experience to the assignment.

“Both of these properties offer unique bonuses for potential buyers,” said Cuddy. “The Briarcliff Manor Campus is able to opportunistically accommodate educational uses or other potential development. And, One Martine Avenue’s location is at the center of the regional rail and bus transportation network—in a Class A White Plains office building—making it an unparalleled opportunity in downtown White Plains.”

The Briarcliff Manor Campus consists of nine buildings totaling 330,308 square feet located on 37 acres. The buildings range in size from 13,041 square feet to 111,915 square feet and support a variety of uses—including office, student housing, dining, recreational and educational. The expansive grounds also feature tennis courts and ball fields.

At One Martine Avenue, CBRE is overseeing the sale of the university’s condominium, which consists of the ground floor lobby and the entire floors two through five of the building, a total of approximately 82,000 square feet. The space is in the 14-story, 180,000-square-foot, Class A building at One Martine Avenue, part of the Westchester Financial Center that offers 360 parking spaces, a full-service cafeteria, outdoor patio seating and on-site concierge services. Located within the White Plains Central Business District, it is just a short walk from the Metro-North train station, putting it within a 35-minute express trip from Grand Central Station.