CBRE Negotiates $32M Long Island Office Sale
- Jul 23, 2020
CBRE has arranged the $32 million disposition of the leasehold interest in a 202,225-square-foot office property in Melville, N.Y. The firm assisted the seller, RXR Realty and sourced the buyer, The Feil Organization. The brokerage team included Senior Vice Presidents David Gavin, Gene Pride, Philip Heilpern and Steve Bardsley, along with Executive Vice President Jeremy Neuer and Vice Chairman Jeff Dunne.
The asset previously traded in 2007 as part of a $2.1 billion portfolio transaction from SL Green Realty, Yardi Matrix shows. That deal included 43 properties totaling 9.1 million square feet of office, retail and industrial space in the region.
Located on 8 acres at 395 N. Service Road, the four-story building was completed in 1988 and renovated in 2015, according to Yardi Matrix. The property has a conference room, fitness center and on-site café. At the time of the sale, the asset was 87 percent leased to a diverse tenant mix including Emblem Health, Freedom Land Title Agency and TSYS. The building is in Western Suffolk County, a strong submarket with a vacancy rate of 10 percent, according to CBRE. Additionally, the property is close to Interstate 495 and a Marriott hotel.
In June, RXR completed two new leases totaling 30,000 square feet at two of its office properties in Manhattan. Tempus Labs inked a five-year, 22,700-square-foot lease at the Helmsley Building, and Essex Woodland Healthcare Partners signed a 10-year, 7,500-square-foot lease at 75 Rockefeller Plaza.