Investcorp Sheds Long Island Office Complex
- Apr 25, 2018
Valley East Management has purchased a two-building office campus in Rockville Center, N.Y. Yardi Matrix identified the seller as Investcorp, which has been carrying out $2 billion investment strategy focused on acquiring high-quality assets across the U.S. The property encompasses 141,000 square feet and is the downtown area’s largest office complex.
Located in a highly transited area at 100 Merrick Road, the five-story assets sit in the vicinity of Mill River Complex Park, retailers, hotels and eateries. The nearby LIRR Rockville Center train station and major roads such as Sunrise Highway, Southern State Parkway, Belt Parkway and Meadowbrook Parkway provide easy and quick access throughout the entire area, as well as to New York City.
With an occupancy rate of 93 percent, the asset has a roster of tenants that includes companies from the legal and health sector, such as Northwell Health, Rockville Centre Neurosurgical Services, Brio Capital Management and Ram Abstract. Amenities include flexible floor plans, on-site café, tenant storage and ample parking.
HFF represented both parties in the transaction. A team comprising Senior Managing Director Jose Cruz, Managing Directors Kevin O’Hearn and Jeffrey Julien, and Senior Directors Stephen Simonelli and Michael Oliver represented the seller in the transaction.
“This successful transaction demonstrated the continued demand for suburban office product that has a competitive advantage within its submarket and provides a strong and dependable yield,” O’Hearn said in a prepared statement.
Investcorp acquired the assets in 2013 as part of a 1.6 million-square-foot, $250 million portfolio deal.
Image courtesy of Yardi Matrix