Located in the communities of Great Neck, Roslyn and Garden City, they serve as the firm's entrance into the Long Island market. GHP will be the managing and leasing agent for the principals of Houlihan–Parnes/iCap Realty.
"This was a strategic purchase in a highly sought after submarket," explains Andrew Greenspan, managing partner of GHP Office Realty. "We view Nassau County office markets as some of the strongest submarkets in the country."
GHP Office Realty plans to upgrade each of the properties. Over the last five years, GHP has built a reputation for quality ownership, management and leasing. Located at 277, 287, 295 and 305 Northern Blvd. in Great Neck; Expressway Plaza's 1, 2 and 3 in Roslyn Heights; and 585 Stewart Ave. in Garden City, the properties were 90% leased at contract signing and, due to several new leases, 96% occupied by closing. New leases include 17,000 sf to Long Island University, CW Post at Expressway Plaza.
Robert Tiburzi, managing partner of Houlihan-Parnes notes that the company's equity and access to the capital markets through iCap will allow it to "take advantage of the major growth opportunities in Nassau County." The buildings are added to the firm's portfolio throughout the New York metropolitan area. In less than five years, GHP has acquired nearly five million sf of space, in Bergen County, NJ; Fairfield County, CT; and in Rockland, Westchester and Nassau counties in New York. GHP was formed in 1999, and is headed by Greenspan, James J. Houlihan, James G. Houlihan and Howard Parnes. Houlihan-Parnes/iCap Realty is a nationally affiliated real estate investment company.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
