SVF 201 Melville, LLC sold the 216,998-sf property. Andrew Merin, vice chairman, David Bernhaut, executive vice president, Gary Gabriel, executive director, and Jose Cruz, senior director, of Cushman & Wakefield's Capital Markets Group, represented the seller and procured the buyer. "As the Long Island office market continues to tighten, we expect barriers to entry to limit new construction, subsequently resulting in rising rents and stable cash flow generation," American's president and CEO Stanley Iezman notes.

Originally constructed in 1956, the property was expanded and completely redeveloped by Long Island Savings Bank in 1986-87 and served as its headquarters for a decade. The three-story property is currently 100% leased to nine tenants including AutoOne, One Beacon Insurance, Lend America, Stantec Consulting and Keyspan Energy. In 1999, the Property was purchased from the bank and repositioned as a multi-tenanted building. The building's distinguishing architectural features include a full-height, domed atrium lobby at the western entrance and a circular atrium lobby at the eastern entrance.

"Long Island has become increasingly popular with investors actively trying to increase market share," Merin says.