The site is a 212,390-sf class B+ office building which the Investcorp/Lincoln JV purchased in March 2001 for $31 million. At the time of that sale, the property was nearly 100% leased to such tenants as Aetna, Rosenbaum Design Group and AT&T Wireless.
Developed in 1979, 2001 Marcus Ave. consists of one three-story multi-tenanted office buildings on 8.6 acres. Presently, the property is 98% occupied by a variety of office and medical related tenants. The property is located approximately 15 miles east of Manhattan, adjacent to the Queens/New York City border.<P "In light of the high occupancy at the property and the relatively strong market fundamentals on Long Island, we felt it was an opportune time to take this property to the market," says F. Jonathan Dracos, Investcorpmanaging director.
The Investcorp/Lincoln partnership was represented exclusively in the transaction by the Metropolitan Area Financial Services Group of Cushman & Wakefield.
The sale of 2001 Marcus Ave. represents the New York-based Investcorp's 16th property sale in 2003, and brings the value of the firm's total real estate realizations this year to approximately $435 million. Recent sales include the Fountains at Waterford Lakes in Orlando for $35.1 million and the $102 million sale of 150 Fifth Ave. in New York City, both in September. October saw the group selling Horizons at Peccole Ranch Apartments in Las Vegas for more than $27 million.
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