Robert Martin Sells Two Yonkers Office Buildings for $37 Million

Robert Martin Sells Two Yonkers Office Buildings for $37 Million
3 Executive Blvd., Yonkers

YONKERS—Robert Martin Co., announced on April 29 it has sold 3 Executive Blvd., a 59,542-square-foot office building and 3 Odell Plaza, a 71,065-square-foot office building in Yonkers for $36.6 million.

Robert Martin officials stated that the sale represents a new record price for suburban Westchester County office sales at $280-per-square foot. The buyer of the two office buildings was not disclosed.

A joint venture of Harbour Group International and Benedict Realty Group acquired the two buildings, according to a source.

Both properties are leased through 2032 to Montefiore Medical Center, a wholly owned subsidiary of Montefiore Health System, which operates 10 hospitals and a primary and specialty care network of more than 200 locations. 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 square feet 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 on behalf of the seller.

3 Odell Plaza, Yonkers

“Today’s announcement reflects Robert Martin’s continued formula for success, which is seizing upon emerging business opportunities – developing, managing, or selling—that enhance the value of the company’s overall portfolio,” said Robert Martin Company CEO Tim Jones. “These are two, strong assets leased by one of the region’s leading healthcare providers, but by selling the buildings at a premium, we are providing a greater financial return for the firm as we look towards strengthening our investments in high-growth sectors in the Westchester market such as flex/industrial space and multifamily residential rentals.”

Robert Martin Company President Greg Berger added, “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.”

He added, “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.”

Robert Martin Co. and its affiliates have developed and acquired more than 20 million square feet of real estate across virtually every asset class. Today, the company and partners hold a portfolio that includes millions of square feet of office, retail, industrial, and residential properties as well as developable land.

Great! You’ve successfully signed up.

Welcome back! You've successfully signed in.

You've successfully subscribed to Real Estate In-Depth.

Success! Check your email for magic link to sign-in.

Success! Your billing info has been updated.

Your billing was not updated.