Vice chairman Andrew Merin and senior director Patrick Colwell of Cushman & Wakefield's Capital Market Group represented the seller and procured the buyer. Celestial Capital has retained Cushman & Wakefield as its exclusive leasing agent for the park, which consists of 550 Mamaroneck Ave. and 600 Mamaroneck Ave. and totals approximately 238,000 sf.

Celestial's Ellman says that the property is currently 88% leased, but has about 60% tenant lease rollover in the next two years. Comstock, which occupies approximately 37,000 sf at the property, has a lease that expires later this year. Allstate Insurance, which leases 28,000 sf, has a lease that expires in 2007. Fred C. Gloeckner & Co.'s 15,000-sf lease expires this year.

Ellman, who terms his company as a "value-add investor," reveals his firm was not the highest bidder for the property. "The deal came back to us." Celestial plans to invest approximately $1.5 million in basic capital improvements to common areas, building facades, signage, cafeteria, common areas and lobbies. In addition, he expects the firm will spend another $4.5 million in tenant improvements over the next two years. Ellman says the needed capital improvements to the property were factored into his firm's purchase offer.

The company, which owns approximately 500,000 sf of commercial space in the Westchester-Fairfield County market, also owns 2 Overhill Rd., a 62,000-sf office building in Scarsdale; 118 North Bedford Rd. in Mount Kisco, a 36,000-sf office building; and Route 6 Plaza, a 36,000-sf shopping center in Mohegan Lake. About 18 months ago, Celestial Capital Group purchased two properties in Fairfield, CT--777 Commerce Dr., a 60,000-sf office building, and 1375 Kings Highway East, a 30,000-sf office building.