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YONKERS, NY-In a multi-faceted transaction, Mack-Cali Realty Corp. has purchased 3 Odell Plaza here for $6 million. In conjunction with the deal, the Cranford, NJ-based REIT also leased 44,590 sf of space to Montefiore Medical Center at the 71,065-sf building located at Mack-Cali’s South Westchester Executive Park.

If that weren’t enough, Mack-Cali, which acquired 3 Odell Plaza from the Schott Corp., signed a 10-year lease deal with the specialty glass products manufacturing firm for 16,815 sf of space at Mack-Cali’s 555 Taxter Road building at Taxter Corporate Park in Elmsford. Schott Corp. will relocate its US corporate headquarters from 3 Odell Plaza to Elmsford by the beginning of 2004.

Montefiore Hospital, a major tenant at South Westchester Executive Park, will occupy its new space at 3 Odell Plaza sometime in the first quarter of 2004, according to Michael A. Grossman, executive vice president of Mack-Cali. Montefiore Medical Center now leases more than 120,000 sf of space at the Yonkers development.

“These transactions are clear demonstrations of Mack-Cali’s ability to accommodate the evolving space needs of our tenants,” says Mack-Cali CEO Mitchell E. Hersh, adding that Montefiore has been a Mack-Cali tenant for nearly 10 years.”

The acquisition of 3 Odell Plaza, which is 62.7% leased, brings Mack-Cali’s holdings in South Westchester Executive Park to 11 buildings totaling more than 750,000 sf. There is currently 26,475 sf of space available for lease at the site. The South Westchester Executive Park complex is 94% leased. 555 Taxter Road in Elmsford, a 171,550-sf office building, has approximately 97,000 sf available for lease. The property had been home to Fuji Photo Film USA until earlier this year when the firm relocated to Valhalla.

The Schott Corp. was represented by Patrick Colwell and George Lambros of Cushman & Wakefield of Connecticut in the building sale transaction and by C & W’s Maureen O’Boyle on the Taxter Road lease.

Colwell says 3 Odell Plaza, which was put on the market in May of this year, attracted multiple bidders. He notes that Mack-Cali’s ability to close on the deal quickly and satisfy Schott’s need for office space were critical in the selection process.

Mack-Cali’s Grossman relates that the purchase “provided us the opportunity to increase our holdings in South Westchester Executive Park and satisfy the space needs of one of our largest tenants as well as the current space requirement of the prior owner of the building.” He also notes, “One of our company’s goals is growth through acquisition of desirable properties in our core markets. 3 Odell Plaza certainly meets this requirement as a quality building located within our executive park.”

According to Cushman & Wakefield, the Schott Corp. constructed 3 Odell Plaza in 1984 for its US headquarters. The property was later expanded in 1991 to accommodate its expanding business. However, the company recently relocated the warehouse operations at 3 Odell Plaza to a facility in Pennsylvania. At the time the company made 3 Odell Plaza available for sale, the firm was also on the market looking for approximately 20,000 sf of office space in Westchester County.

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