HFF closes $81.45 million recapitalization of 8-building Long Island medical office portfolio
NEW YORK, NY – April 24, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $81.45 million recapitalization of Stony Brook Technology Center, an eight-building medical office portfolio totaling 261,824 square feet in the Long Island community of East Setauket, New York.
HFF represented TRITEC Real Estate, and procured the partner, a fund advised by UBS Real Estate & Private Markets.
Completed between 1987 and 2007, the portfolio is located within a master-planned business park proximate to several large universities and hospital groups, including Stoney Brook University, in Eastern Long Island. Stony Brook University is one of the key tenants in the 97-percent-leased portfolio, occupying more than 65 percent of the buildings.
The HFF team representing TRITEC was led by senior managing directors Andrew Scandalios and Jose Cruz and assisted by senior managing director Michael Gigliotti.
About TRITEC Real Estate Company
Founded in 1986 by brothers Robert J. and James L. Coughlan, TRITEC Real Estate Company (TRITEC) is a real estate project delivery organization dedicated to delivering high quality, trustworthy performance and lasting value. TRITEC Real Estate Company – comprising TRITEC Development Group, LLC; TRITEC Building Company, Inc.; TRITEC Asset Management, Inc.; and TRITEC Capital, LLC – has established itself as a leader among New York commercial real estate companies, with a decades-long track record of successfully acquiring, developing, constructing, financing, leasing and managing real estate projects. For more information, please visit tritecre.com or follow TRITEC on Twitter at @TRITEC_RE.
About UBS Asset Management, Real Estate & Private Markets, Real Estate US
With over 37 years of real estate investment advisory experience, the US real estate business of UBS Asset Management has approximately USD 31.7 billion under management on behalf of over 500 clients. A multi-disciplined organization with staff of approximately 200, the business is headquartered in Hartford, Connecticut with regional offices in San Francisco and Dallas. Providing a wide array of real estate and farmland investment management services to clients, including pension funds, public employee retirement systems, foundations, offshore and private investors, the business focuses on core and value-added strategies ranging from acquiring existing, well leased investment properties to renovations and new development projects. In addition to its US real estate business, UBS Asset Management, Real Estate & Private Markets manages real estate investments in Europe, Asia and Australia. In total, Real Estate manages USD 80.6 billion in real estate and real estate securities worldwide as of September 30, 2016. In the U.S. it operates through its legal entities, UBS Realty Investors LLC and UBS Farmland Investors LLC, registered investment advisors. (data as of December 31, 2016) ubs.com/realestate.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.