Case Study: White Plains Plaza
Acquired by a joint venture including Ivy Realty and C-3 Capital Partners, White Plains Plaza was an asset experiencing challenges in operations, tenant retention and vacancy of 35%. As Vice President of Asset Management for Ivy Realty, Eric Levy was directly responsible for turning this underperforming asset into a class A trophy leader in the market. The two 15 story office towers total 725,000 sf and at acquisition was 65% occupied and in need of major capital improvements. Under Eric’s direction and leadership Ivy Realty set forth a bold strategy to improve the financial performance of the property with plans to drive lease up by making capital improvements totaling $15 million to main lobbies, common hallways, bathrooms, café, conference center and courtyard space which featured a planted living wall.
Eric was instrumental in the architectural and design oversight as well before the construction phase. In just three years under Eric’s direction, White Plains Plaza’s occupancy had improved to 80% which included over 400,000 SF of total lease transactions, and operating expenses decreased by over $1 million, the $15 million capital improvement budget was executed under budget all of which resulted in a gain of an additional $1 million in cash flow. White Plains Plaza is currently the standard-bearer in the downtown White Plains office market as a premier class A property.
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