The specialty glass products manufacturing firm, built the 3 Odell Plaza building in 1984 and expanded the office/flex property to its current size of 71,065-sf in 1991 to accommodate its expanding U.S. businesses. The property is located within Mack-Cali's South Westchester Executive Park complex.
Patrick R. Colwell and George Lambros III, senior directors of Cushman & Wakefield's Metropolitan Area Financial Services Group have been hired by The Schott Corporation to handle the sale of its Yonkers property. Cushman & Wakefield's Maureen O'Boyle is the leader of the team that is in charge of finding The Schott Corp. new headquarters space for its U.S. operations in Westchester County.
Colwell says that the firm no longer requires the warehouse space at 3 Odell Plaza and is now looking to lease strictly office space somewhere in Westchester County. The company is on the market for approximately 20,000 sf of space, Colwell notes.
Commenting on the current commercial real estate investment climate in Westchester County, Colwell says, "There is currently an abundance of equity and debt capital in the market and limited investment opportunities. With interest rates low and the equity markets uncertain, it is an ideal time to invest in real estate."
Lambros adds, "This property is ideally located in a strong submarket and proven business park. This flexible product type enjoys a two percent vacancy rate in Westchester County."
Colwell notes that the 3 Odell Plaza property has already attracted significant investor interest. He says that he would not be surprised if a deal closed on the property sometime this summer. Cushman & Wakefield said the property has no asking price but the replacement cost is estimated at more than $100 per sf or more than $7.1 million.
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