Cushman & Wakefield Sells Hauppauge Class-A Office Property
HAUPPAUGE, N.Y., Jan. 28, 2014- Cushman & Wakefield, Inc.'s Metropolitan Area Capital Markets Group (CMG) has completed the sale of 2929 Expressway Drive, Class A office located in Hauppauge, NY. The CMG team of Andrew Merin, David Bernhaut, Gary Gabriel, Kyle Schmidt and Rob Kuppersmith represented the seller, a joint venture of Ivy Realty and CenterSquare Investment Management and procured the buyer, a joint venture between Mason Asset Management, Inc. and Namdar Realty Group based in Great Neck, NY.
"We saw a significant amount of interest and tour activity for this highly visible property," said Bernhaut. "The property has historically been leased by institutional-quality tenants, including current blue chip occupants Microsoft and MetLife."
Located within the Long Island market, the 152,254-square-foot building sits on a 12-acre site at the intersection of the Long Island Expressway (Exit 57) and Long Island Motor Parkway. A pad site on the property offers the opportunity for future retail development. Schmidt added, "A large number of investors recognized the long-term value proposition that this offering presented."
The Long Island office market is among the tightest in the nation, with strong leasing activity underlined by a low, 6 percent unemployment rate. Home to 2.8 million people, Long Island is known as a diverse, educated and affluent market driven by the education, healthcare, high-tech and financial services sectors.
Based in East Rutherford, N.J., Cushman & Wakefield's Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Connecticut and Pennsylvania. The team has completed more than $17 billion worth of transactions since 2000.