Robert Martin gets record price for two Westchester office properties

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Robert Martin Company, one of the largest real estate management
and development firms in Westchester County, announced the sale of two
Westchester office properties for $36.6 million.

The sale of the 59,542 s/f 3 Executive Boulevard (pictured top) and 3 Odell Plaza, a 71,065 s/f office building in Yonkers set a new record price for suburban Westchester County office sales at $280 psf.   The buyer was not disclosed.

According to sources close to the deal, the buyer is a joint venture of Harbor Group and Benedict Properties.

Both
properties are leased through 2032 to Montefiore Medical Center, a wholly owned
subsidiary of Montefiore Health System, one of the largest healthcare systems
in the NYC region. The two buildings are part of Robert Martin’s South
Westchester Executive Park, where the company continues to own and operate nine
buildings
totaling 650,000 s/f of primarily flex/industrial space.

CBRE’s Capital Markets and Institutional Properties Group of Stamford, CT – represented by Vice Chairman Jeffrey Dunne, Senior VP Steven Bardsley, Senior VP David Gavin and VP Stuart Mackenzie – marketed the property.

3 Odell Plaza

Robert Martin Company President Greg Berger noted, “We are not the
company we were nearly 65 years ago. Real estate development and management
today is far more demanding and complex. The tenants’ needs are changing with
the times, and we remain uniquely positioned with our portfolio and strong
personnel to accommodate their requirements and additional demand.

“We value our core competencies that successfully got us this far and
will continue pursuing those strategic opportunities that will propel us into
the future.”  

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