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."

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.

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