CBRE Group Arranges The $61 Million Sale Of Hauppauge Office Park In Hauppauge, New York

11/16/17

Jeffrey Dunne and Steven Bardsley of CBRE’s Institutional Properties in collaboration with Philip Heilpern of the CBRE Long Island office, represented Colin Development, in the sale of Hauppauge Office Park for $61,000,000. The team was also responsible for procuring the buyer, Signature Acquisitions.

Hauppauge Office Park is a 282,656± square-foot, three-building complex, located directly between the Long Island Expressway and Northern State Parkway providing easy access for tenants commuting from Nassau County to the west and Eastern Suffolk to the east. The park is comprised of one single tenant building which is 100% leased to Allstate for ten years and two multitenant buildings that are 95% leased, providing stable cash flow. Other notable tenants include Bridgehampton National Bank (32,274 square feet), Crawford & Company (23,546 square feet), Urban Financial America (12,625 square feet) and Morgan Stanley (8,008 square feet). Hauppauge Office Park provides a plethora of amenities including a fitness center, racquetball court, full service cafeteria and high-tech media center.

Jeff Dunne commented: “With the long-term lease to Allstate and high overall occupancy, Hauppauge Office Park offers new ownership a very stable and predictable income. Combined with its huge amenity package and highly accessible location, Hauppauge Office Park should continue to attract and retain credit tenants for years to come.”

CBRE Institutional Properties has a number of attractive investment opportunities including: Reckson Executive Park, a 564,000 square-foot, 64% office campus in Rye Brook, New York; 115-117 Stevens Avenue, a 175,000 square-foot, two building office park in Mt. Pleasant, New York; CenterPointe Portfolio at Bridgewater, an 87% leased four building 331,354± square-foot office campus in Bridgewater, New Jersey; 350 & 360 Mount Kemble Avenue in Morristown, New Jersey, a 229,685 square-foot value add opportunity at 81% occupancy.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.us.

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