Birch Group Makes $62M Long Island Office Buy
- Dec 03, 2020
The Birch Group has acquired 1979 Marcus Ave., a 348,501-square-foot office property in Lake Success, N.Y., from Willett Cos. for $62 million, CommercialEdge data shows. The asset last traded 15 years ago, when Broadway Partners sold it for $53.5 million. Cushman & Wakefield brokered the deal, according to Commercial Observer.
The office building, located 20 miles from Midtown Manhattan, is set in a small business district 1 mile south of the Long Island Expressway. A number of retail and hospitality assets are in the surrounding area, as is Northwell Health’s Long Island Jewish Medical Center.
Constructed in 1989, the four-story building has 90,000-square-foot floorplates and eight elevators. Property amenities include a health club, a café and surface and structured parking at a ratio of 4 spaces per 1,000 square feet. Current tenants include Woodland Group, Center for Learning and Innovation, Executive Enterprise and IPRO.
Adam Spies, David Bernhaut, Josh King, Andy Merin and Gary Gabriel made up the Cushman & Wakefield team.
Earlier this fall, The Birch Group teamed up with Vision Properties to acquire a Class A New Jersey office property. Lone Star Funds sold the 228,000-square-foot 180 Park Ave. in Florham Park, which was 75 percent leased at the time of the deal.