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NY Partnership Buys Saxon Woods Corporate Center for $22.5 Mil

HARRISON, NY-Broadway Partners, a New York City-based real estate partnership, has acquired the 236,000 sf Saxon Woods Corporate Center here for $22.5 million, GlobeSt.com has learned.

By John Jordan | Updated on September 24, 2001

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.”

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