Simone Development Buys New York Office Property
The company is redeveloping the space into a medical office building.
Simone Development Cos. has acquired One Executive Boulevard, a 133,768-square-foot office building in Yonkers, N.Y. An affiliate of Robert Martin Co. sold the Class B asset. The new owner plans to repurpose the property into a medical office building.
The four-story building previously changed hands in 2019, when the current seller acquired a 56-building, 3.1 million-square-foot office/flex portfolio from Mack-Cali Realty Corp. for $487.5 million. According to CommercialEdge data, the One Executive Boulevard became subject to a loan from Bank of America in 2022 and has a maturity date set for 2032.
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Sitting on 6.8 acres, the building originally came online in 1982 and was completely renovated in 1995. The property includes an on-site café and features controlled access, two passenger elevators, as well as 280 car spots at a parking ratio of 2.5 spaces per 1,000 square feet.
The new owner has begun interior and exterior renovations of the building. The tenant roster includes LifeStance Health, OneMain Financial, AVR Realty Co. and Yonkers Teachers Federal Credit Union, among others.
One Executive Boulevard is near Interstate 87 and 23 miles from New York City. The property is an addition to the North Yonkers Medical Mile, which also includes Simone’s Boyce Thompson Center, an 85,000-square-foot mixed-use facility that features physicians’ offices, as well as 1034 N. Broadway, a 25,000-square-foot multi-tenant medical building. Other medical providers in the surrounding area include St. John’s Family Medical Practice, Elizabeth Seton Children’s Center and Northway Medical Center.
Simone Development’s recent business ventures
Simone Development Cos. has been growing its health-care portfolio for more than 25 years, which includes properties that provide urgent care, ambulatory surgery, radiology, dialysis and cancer treatment, among others.
With a footprint of more than 7 million square feet, the company also specializes in the acquisition and development of other asset classes, such as office, industrial and retail. Recently, Simone secured a full-building lease with warehouse storage provider ReadySpaces. The 110,300-square-foot building is in Mount Vernon, N.Y. The company also picked up a vacant property in New York City’s Bronx borough, which will be converted into an industrial facility.