George Comfort Acquires Avon Building in Rye
Real Estate In-Depth | July 16, 2019
RYE—New York City-based real estate investment firm George Comfort & Sons, in partnership with the Feil Organization and O’Connor Capital Partners, has added the former Avon Global Data Center here to its Westchester office portfolio.
The 176,000-square-foot multi-purpose facility situated on 18.13 acres at 601 and 621 Midland Ave. was sold by Avon Capital Corp. Last September, Avon Products Inc. informed New York State that it would be closing the facility and laying off its 105 workers there. In its WARN Notice to the New York State Department of Labor filed on Sept. 17, 2018, the company stated that layoffs would occur between Dec. 28, 2018 and May 31, 2019. The closing of the Rye office was set for Sept. 30, 2019.
Kevin Welsh, Brian Schulz and Chuck Kohaut of Newmark Knight Frank’s capital markets team, with support from tri-state area brokers David Falk, Glenn Walsh, Gregory Frisoli, Michael Cottle and Michael Morris, represented Avon Capital in the transaction. The NKF team was also responsible for securing the buyer for the property. Also advising the seller were Michael Katz and Zachary Cherney of Actio Corporate Advisors.
No financial terms of the transaction were disclosed.
“601 and 621 Midland Avenue presented an attractive opportunity to grow our Westchester holdings with a high-quality asset that benefits from a convenient location in one of our target markets,” says George Comfort & Sons CEO Peter S. Duncan. “With 4.7 million square feet in our Westchester and Fairfield portfolio, including two development projects in Westchester County, we are optimistic about the future of these submarkets.”
In July 2018, George Comfort & Sons acquired the former Reckson Executive Park in Rye Brook, now known as 1100 King St., in a joint venture with a fund managed by DRA Advisors, for $55 million from SL Green. The firm also owns 900 King St., a 215,000-square-foot office building in Rye Brook and the Centre at Purchase office complex in nearby Purchase.
“Midland Avenue garnered substantial interest from investors, users and developers due to its unmatched transit-centric location and superior access to knowledge workers in one of Westchester’s most prestigious communities,” said Welsh, executive managing director at NKF. “The acquisition of 601 and 621 Midland Avenue provides George Comfort & Sons with a unique multifunctional property that is well-positioned to capture a broad base of tenant demand as they reposition or redevelop the asset.”