$200m purchase of EAB Plaza.

Galaxy LI Associates, a joint venture between The Moinian Group, one of the most active investment, acquisition and development firms in the real estate industry, and C&K Properties, has completed the acquisition of EAB Plaza, the largest premiere office complex in Long Island, for approximately $200 million.

C&K principals Meir Cohen and Ben Korman and Joseph Moinian, Chief Executive Officer of The Moinian Group, jointly announced the purchase. They noted that the new ownership is working with the town of Hempstead on a proposal to expand the prestigious 1.1 million square-foot, two-building Class A complex by developing up to 350,000 square feet of new office space on an adjacent eight-acre parcel included in the sale.

Cushman & Wakefield has been appointed exclusive leasing and management agent for the property. Senior Managing Director Kenneth Krasnow will spearhead the assignment, drawing on the combined strength of both the Long Island and New York Metro Region offices of the international brokerage and management leader. Members of the leasing team include Bruce Mosler, John Picco, Mitch Arkin, David Leviton, Jason Forte, Adam Rochlin and Robert Kuppersmith.

Chicago-based Jones Lang LaSalle represented the seller, a joint venture of the DeMatteis Organization and ABN-Amro Bank, in the negotiations. Howard Michaels, chairman of Carlton Advisory Group, served as finance consultant to The Moinian Group and C&K Properties. Negotiations for the property were spearheaded by David Werner, well-known real estate investor, who has worked with both The Moinian Group and C & K Properties in numerous other transactions.

Moinian, who has lived on Long Island for over 30 years, currently owns over 10 million square feet of commercial, industrial, residential, retail and hotel properties throughout the U.S.

C&K Properties, founded in 1984, controls some two million square feet of mostly commercial space in the New York area, exclusive of EAB Plaza. This month, the firm made its first acquisition outside of the region, an office building in downtown St. Paul, Minnesota. C&K also recently went to contract on an historic office property on Broadway in midtown Manhattan. C&K manages most of its portfolio.

C&K evaluated a potential acquisition of EAB Plaza earlier this year and then invited The Moinian Group to joint venture the deal. The two firms are 50-50 owners of the complex.

"EAB Plaza is the ultimate Long Island address and a one-of-a-kind asset. It is a dream to own it," said Moinian. "Together with C&K Properties, we plan to bring a proactive, tenant-friendly approach to managing and improving what already is Long Island's premier office property."

Cohen and Korman, partners of C&K since the firm's inception, said in a joint statement they view the EAB Plaza acquisition as a "longterm commitment to the finest office property on Long Island, and the first of what we hope will be other acquisitions of quality assets in Nassau and Suffolk Counties."

The complex includes on-site day care, its own post office, cafeteria, pharmacy, bank, florist and dentist, making EAB Plaza a virtual city in itself.