C&W team completes 400,000 s/f transaction.

Commercial real estate services firm Cushman & Wakefield announced the completion of the sale of Three Huntington Quadrangle (3HQ) in Melville, N.Y. Broadway Partners and Investcorp sold the 400,000 s/f property to AEW Capital Management.

3HQ consists of a North and South tower, each comprised of 200,000 s/f. The four--story property, built in 1971, recently underwent a major renovation that included new lobby entrance/exit points, new elevators and newly designed corridors. 3HQ, which is 92% occupied, boasts a prestigious roster of tenants, including Empire Blue Cross Blue Shield, CNA Financial Corporation, CIGNA, Cendant, Sovereign Bank and Travelers.

Andrew Merin, executive vice president, David Bernhaut, executive vice president, Gary Gabriel, executive director and Jose Cruz, senior director of Cushman & Wakefield's capital markets group, represented the seller and found the buyer for the complex.

"The offering attracted a substantial amount of interest from regional and national private and institutional investors," said Mr. Merin. "This was a highly competitive deal because of the stability of the asset. It was rare to have an investment opportunity of this magnitude in Suffolk county."

"The commercial real estate investment market is driven on a sub-market and asset specific basis. Investors were attracted to 3HQ due to the strength of the sub-market, tenant credit and building redundancies," said Mr. Bernhaut. "This completion of this transaction further supports the fact that the Long Island investment sales market is healthier than ever."

3HQ is located in Western Suffolk county, less than one mile away from the Nassau county border. Its central location, off of Route 110, enables easy access from three major arteries and places it close to four Long Island Rail Road stations.