Office Complex Sells for $84M

HUNTINGTON, NY-AEW Capital Management LP has acquired Three Huntington Quadrangle, a two-building, 401,581-sf class A office complex here for $84 million, a source close to the transaction tells GlobeSt.com. The sellers were Investcorp and Broadway Real Estate Partners.

The Metropolitan Area Capital Markets Group of Cushman & Wakefield, led by Andrew Merin, represented Investcorp and Broadway. Broadway Partners initially acquired the office, which is situated on 22.2 acres, in 2003. It was part of a three-asset Long Island portfolio which totals approximately one million sf. In 2004, Investcorp purchased a 50% equity stake. This marks the first sale of some of these properties. Scott Lawlor, founder and CEO of Broadway Partners, says the sale is part of the firm’s investment strategy with the portfolio.