"EAB Plaza is the ultimate Long Island address and a one-of-a-kind asset. It is a dream to own it," says Moinian, a Long Island resident for more than 30 years.
Chicago-based Jones Lang LaSalle represented the seller, a joint venture of the DeMatteis Organization and ABN-Amro Bank, in the negotiations. Howard Michaels, chairman of Carlton Advisory Group, served as finance consultant to the Moinian Group and C&K Properties. Negotiations for the property were spearheaded by David Werner, who has worked with both Moinian and C & K in numerous other transactions. C&K evaluated a potential acquisition of EAB Plaza earlier this year and then invited the Moinian Group to joint venture the deal. The two firms are 50-50 owners of the complex.
Cohen and Korman say in a joint statement that they view the acquisition as a "long-term commitment to the finest office property on Long Island, and the first of what we hope will be other acquisitions of quality assets in Nassau and Suffolk Counties."
Situated on over 36 acres of land in Nassau County, EAB Plaza feature two 15-story glass towers connected by a three-story lower level, plaza and lobby. Built in 1984, the complex includes an ice skating rink, a 60-foot cascading indoor waterfall and a winter garden. Amenities include on-site day care, its own post office, cafeteria, pharmacy, bank, florist and dentist.
EAB tenants include Citibank, Dreyfus, Washington Mutual, Del Laboratories, GMAC and the law firms of Rivkin, Radler; Ruskin Moscou; and Farrell Fritz. The site is currently 97% occupied, and hasn't had a vacancy rate of more than 5% in over a decade.
Cushman & Wakefield has been appointed exclusive leasing and management agent for the property with senior managing director Kenneth Krasnow spearheading the assignment. Both C &W's Long Island and New York Metro region offices will work on the assignment. Members of the leasing team include Bruce Mosler, John Picco, Mitch Arkin, David Leviton, Jason Forte, Adam Rochlin and Robert Kuppersmith.
"Companies move to EAB Plaza and stay there," says Krasnow. "It is a high-profile address that establishes that Long Island-based firms have 'made it,' and that offers an appealing alternative to Manhattan-based financial services and law firms looking to diversify their location and take advantage of Long Island's highly skilled labor pool."
Moinian currently owns more than 10 million sf of commercial, industrial, residential, retail and hotel properties throughout the US. This acquisition marks the group's first major commercial investment on the island. C&K Properties, founded in 1984, controls two million sf of mostly commercial space in the New York area.
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