In April 2005, Heritage Management paid $37 million for the 207,000-sf property at 990 Stewart Ave. here. About one-third of the building was vacant when the company took possession of it, according to Steven Greenberg, a principal with Heritage Management, but with an aggressive leasing effort and a strong market the property is now full.
Selling the property less than two years after buying it was not originally part of Heritage Management's plan. "The buyer was pursuing us for about 12 of those 18 months and we kept saying no." Greenberg says his company wanted to complete leasing the buildings before selling, seeing value in those transactions. "But eventually we were able to come to terms."
Gary Gabriel and his Cushman & Wakefield's Metropolitan Area Capital Markets Group handled the off-market transaction. Gary Gabriel headed the group, which also arranged the purchase of the building for Heritage Management.
Atria East is one of two buildings on an office complex here and was initially a data center for Chase Manhattan Bank. The current building tenants include AIG Insurance, the FAA, and ReMax of New York.
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