$29.75 million sale of Nassau County, Long Island office building closed by HFF
FLORHAM PARK, NJ – April 18, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Jericho Atrium, a 148,563-square-foot office building in Jericho, New York, a hamlet in Nassau County, on Long Island’s North Shore.
HFF marketed the property on behalf of the seller, Metropolitan Realty Associates, LLC and Angelo Gordon & Co., L.P. The buyer was a Long Island-based real estate company who purchased the asset for $29.75 million.
Located at 500 North Broadway, Jericho Atrium is convenient to The Long Island Expressway; Northern State, Meadowbrook and Wantagh Parkways; and the Seaford-Oyster Bay Expressway, providing access to Long Island’s North and South Shores, Manhattan and the other New York City boroughs. The two-story property is situated on 8.6 acres and offers parking for 690 vehicles. Building amenities include a fitness center, conference center, daytime concierge and a location adjacent to Whole Foods, Starbucks and Marshall’s among others. Jericho Atrium is 88 percent leased. Notable tenants include American Investment Planners, Clinical Trial Media, NMS Management and Elias Properties.
The HFF investment sales team was led by senior managing director Jose Cruz and managing directors Kevin O’Hearn and Evan Pariser.
“This was a strategic purchase for the new owner. The property itself offers current stability and upside for the buyer including the pad site,” stated Cruz.
About Metropolitan Realty Associates, LLC
Metropolitan Realty Associates, LLC, established in 2001, is a fully integrated private real estate investment company specializing in opportunistic and adaptive reuse investments in the New York metropolitan area and select markets throughout the Unites States through joint venture partnerships with institutional investors and high net worth individuals.
About Angelo, Gordon & Co., L.P.
Angelo, Gordon & Co., L.P. is a privately held limited partnership founded in November 1988, and currently manages approximately $27 billion. The Firm's investment focus centers around three core competencies - credit, real estate, and private equity in standalone and multi-strategy mandates for its clients. Angelo, Gordon has approximately 350 employees and is headquartered in New York, with associated offices elsewhere in the US, Europe and Asia. For more information, visit www.angelogordon.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.