“It’s a variety of service-oriented companies like attorneys, media, real estate services, brokerage-oriented companies and financial services,” he says, explaining that noteworthy firms in the building include homebuilder Beechwood Homes and Katz & Bloom, a known accounting firm. “It really services the small business community, which is the 2,000 to 5,000 square foot market, which we see as an ongoing and growing tenant base,” he says. “It really has gone through the early growth in the market, and that’s due to their tendency to renew early and expand, which are two attributes that have been happening in the atrium.”

The building, located adjacent to both the Northern State Parkway and the Long Island Expressway, is near a Whole Foods-anchored shopping center with Marshalls, CVS and Bank of America, which Farkas says adds to the appeal of the atrium. “People love the ability to locate and operate their businesses near those kinds of amenities,” he says.

Asking rents start in the $30-plus range, and Farkas says the stable income stream was a plus to the lender. “The building is a highly-occupied cash flowing asset, and that’s what the banks are liking in today’s suburban office market, which is tougher than some asset classes,” he says.

Harris Russo, of Jericho, NY-based Real Estate Strategies, handles leasing at the building, and Evan Pariser, managing director of HFF’s New York office, arranged the financing. MRA, one of Long Island’s biggest landlords, also snatched up 400 and 410 Jericho Turnpike from Kimco at the same time it acquired the atrium.