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Robert Martin gets record price for two Westchester office properties

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 Benedict Realty Group and Harbor Group International.

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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