Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HARRISON, NY-The Saxon Woods Corporate Center, a two-building office complex that totals 236,000 sf here, has been sold by Vornado Realty Trust to Broadway Partners, a New York City-based real estate partnership for $22.5 million, globest.com has learned.

The sale of the property, located at 550 and 600 Mamaroneck Ave., was revealed by the investment firm Wien & Malkin Strategic Capital, L.P., which reported that it had provided $3.5 million in mezzanine financing (preferred equity) in Broadway Partners LLC’s acquisition of the office park. The complex is 95% leased and includes such tenants as: Allstate Insurance, S&P Comstock, ICON Capital Corp., and Fred C. Gloeckner & Co.

Commenting on its funding deal with Broadway Saxon Partners on the acquisition of 550 and 600 Mamaroneck Ave., George S. Perry, senior vice president and director of investments for W&M Properties notes, “This an excellent transaction for Broadway Saxon and our mezzanine capital fund. We’re receiving an attractive risk-adjusted return and the new property owner has been able to structure its acquisition on desirable terms.”

W&M Properties is the managing and acquisition arm of the Malkin family, a major commercial real estate property owner in New York City, Westchester and Connecticut. A Malkin affiliate owns 500 Mamaroneck Ave., a 285,000-sf office building located next door to the Saxon Woods Corporate Center.

Scott Lawlor, general partner and founder of Broadway Partners, tells globest.com that the company closed on the Saxon Woods Corporate Center deal in August. The company, which is also headed by Dean Britton, also recently acquired 1979 Marcus Ave., in Lake Success for $39 million. That deal, which closed in mid-August, was with Reckson Associates Realty Corp., of Melville and involves 348,000 sf of space.

Lawlor reveals that Broadway Partners is also in negotiations to acquire a property in Philadelphia. Lawlor, who did not reveal the property under discussion, said that transaction is expected to close by November of this year.

Broadway Partners in the last 12 months has acquired a portfolio of 2.3 million sf, predominately in the Northeast, valued at $400 million. The company, prior to its acquisition of Saxon Woods Corporate Park, had a small presence in Westchester County with its ownership of 200 Central Ave., a 50,000 sf building in Hartsdale. In Connecticut, the firm is co-managing partner with the Landis Group on 400 Atlantic St., the former Champion Building in downtown Stamford. That property made news earlier this month when American Express reported it was leasing 175,000 sf at the 15-story, 440,000 sf building as part of its plan to relocate operations from offices affected by the World Trade Center terrorist attack on September 11.

Lawlor relates that his firm’s acquisitions in Westchester and Long Island fit into the firm’s strategy of “buying very well located, core plus office assets in selected cities in this area.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.