$70m spending spree puts GHP on the LI map.

GHP Office Realty, LLC announced that its affiliate, Houlihan-Parnes/iCap Realty Advisors, LLC has purchased 9 buildings in prime Nassau County sub-markets.

Located in Great Neck, Roslyn and Garden City, the buildings total 400,000 s/f with an acquisition cost of about $70 million. GHP Office Realty will be the managing and leasing agent for the principals of Houlihan--Parnes/iCap Realty Advisors, LLC.

"These properties will serve as a beach-head for our entree into Nassau County. This was a strategic purchase in a highly sought after sub-market," said Andrew Greenspan, managing partner of GHP Office Realty. "We view Nassau County office markets as some of the strongest sub-markets in the country."

Located at 277, 287, 295 and 305 Northern Boulevard in Great Neck, Expressway Plaza's 1, 2 and 3 in Roslyn Heights, and 585 Stewart Avenue in Garden City, the properties were 90% leased at contract signing and due to several new leases, 96% occupied by closing. New leases include 17,000 square feet to Long Island University, C.W. Post at Expressway Plaza.

As a reflection of the strong office market in suburban Long Island, GHP Office Realty will invest significant capital to upgrade each of the properties. Over the last five years, GHP has built a reputation for quality ownership, management and leasing. The firm prides itself on investing sufficient capital to upgrade each of the properties it acquires in order to enhance tenant amenities and public areas. Tenants at all GHP Office Realty properties benefit from the company's on-site property management.

"Our unique capital structure enables us to become a significant player in this vibrant suburban market," said Robert Tiburzi, managing partner of Houlihan-Parnes.

"The combination of our own equity and our nimble and varied access to the capital markets through iCap Realty Advisors, LLC allows us to take advantage of the major growth opportunities in Nassau County."

The buildings are a significant addition to GHP's expanding portfolio throughout the New York metropolitan area. In less than five years, GHP has acquired nearly five million square feet of space, in Bergen County, N.J., Fairfield County, CT., and in Rockland, Westchester and Nassau counties, NY.