In the negotiation, AEW Capital management was represented by Cushman & Wakefield, and Hines represented Hines REIT. Hines is the sponsor of Hines REIT, and is responsible for the management and leasing of its assets. "The acquisition of 3 Huntington Quadrangle will further enhance the Hines REIT portfolio with the building's ideal location in the highly sought after Long Island marketplace," says Charles Hazen, president of Hines REIT.
3 Huntington Quadrangle is composed of two four-story buildings totaling approximately 408,000 rentable sf of office and retail space, and they are connected by a central lobby. The property, constructed in 1971, underwent a major renovation in 1999, which included upgrades such as a newly designed lobby entrance and refurbished public corridors and elevators. Surface parking for 1,500 cars is provided.
The property is 83% leased to tenants including Empire Blue Cross Blue Shield, Cigna, Cendant, Sovereign Bank and St. Paul Travelers. "We are extremely pleased to have been retained by Hines to continue the leasing and marketing program of this fine asset," says Robert Seidenberg, SVP at CB Richard Ellis. "With its great infrastructure, strong tenant base and prime location, we believe 3 Huntington Quadrangle will prove to be a great investment for Hines."
Hines VP Bart Swenson notes that this is an opportunity for the company to add value through improving building operations and the tenant experience by "implementing a substantial capital improvement program focused primarily on upgrading the property's mechanical and electrical systems."
Andy Merin, vice chairman of Cushman & Wakefield, who handled the sale of the building said that this deal validates the continued institutional interest in Long Island commercial real estate.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
