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NKF Sells 176,000-Square-Foot Transit-Centric Property in Rye, NY

Rutherford, NJ (07/15/2019)

10:00 AM

Global commercial real estate advisory firm Newmark Knight Frank (NKF) is pleased to announce the sale of 601 and 621 Midland Avenue in Rye, New York ("Midland Avenue"), on behalf of Avon Capital Corporation. The property, which previously served as Avon's Global Data Center, was purchased by George Comfort & Sons in partnership with the Feil Organization and O'Connor Capital Partners.

Representing Avon Capital Corporation were Kevin Welsh, Brian Schulz and Chuck Kohaut of NKF's Capital Markets team, with support from tri-state area brokers David Falk, Glenn Walsh, Gregory Frisoli, Michael Cottle and Michael Morris. The NKF team was also responsible for securing a buyer for the property. Also advising the seller were Michael Katz and Zachary Cherney of Actio Corporate Advisors.

Midland Avenue is a 176,000-square-foot multi-purpose facility situated on 18.13 acres that features a distinct, collaborative workplace environment with corporate-quality amenities and robust data center infrastructure. The Property is located immediately adjacent to the Rye Train Station offering connectivity to Grand Central Terminal in 50± minutes and a "live/work/play/stay" environment within walking distance of Downtown Rye. Situated at the confluence of I-95 and I-287, the property also provides excellent regional accessibility.

"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."

"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," said 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."

About Newmark Knight Frank
Newmark Knight Frank ("NKF"), operated by Newmark Group, Inc. ("Newmark Group") (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals operate from approximately 430 offices on six continents. NKF's investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.

Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group's Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.

For Media Inquiries Contact:
Deb Bergman
Vice President PR and Communications
Newmark Knight Frank
T 303.260.4307