The Real Deal New York

Melville office complex sells for $69M

November 26, 2018 02:51PM

A two-building office complex in Melville was sold to a group of private investors in Brooklyn for $69 million, Newsday reported. The four-story, 408,917-square-foot complex was last sold for $35.77 million in 2016 to a joint venture between developer Treeline and the KABR Group, a real estate owner and operator. After that sale, the owners gave the property a “major capital renovation” of its cafe, bathrooms, communal conference room, elevators, and common areas. The price for the property, known as 3 Huntington Quadrangle, increased after the owners secured a long-term lease with Northwell Health, which occupies 120,000 square feet there, and leased another 36,000 square feet to Catholic Health Services of Long Island. Representing the sellers were Jeffrey Dunne, Steven Bardsley, and Travis Langer of CBRE’s Institutional Properties Group, along with Philip Heilpern and Robert Seidenberg from CBRE’s Long Island office. [Newsday]