Carl Marks Real Estate Group Announces the Sale of IRS Building in Hauppague, New York.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Martin Schiffman, Managing Director of the New York based investment firm Carl Marks & Co. Inc., announced the sale of the office building located at 1180 Veterans Memorial Highway Veterans Memorial Highway is the name chosen for the following roads: Canada The building is one of three suburban office buildings in the Claremont Corporate Center. Carl Marks, together with other partners, built two of the three buildings after acquiring the land in the late 1980's. After first completing a multi-tenanted office building on one site, the partnership responded to a Request For Proposal from the United States General Services Administration The General Services Administration (GSA) was established by section 101 of the Federal Property and Administrative Services Act of 1949 (40 U.S.C.A. § 751). The GSA sets policy for and manages government property and records. ("GSA (1) (Global mobile Suppliers Association, Sawbridgeworth, U.K., www.gsacom.com) A membership organization of suppliers of GSM products and services. Its goal is to promote GSM as the worldwide mobile communications standard. See GSM Association and GSM. ") and won the right to develop an office building for the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. . With the GSA lease as collateral, the partnership arranged construction financing and ten-year permanent financing Permanent financing Long-term financing using either debt or equity. permanent financing The long-term financing that supports a long-term asset. from a Long Island based savings bank and commenced construction in the summer of 1995. The building is a 43,000 square foot, three story structure designed with a dark glass fa[?]ade wall with geometric breaks to insure a large number of corner offices. The fire and life safety systems, lighting and HVAC (Heating Ventilation Air Conditioning) In the home or small office with a handful of computers, HVAC is more for human comfort than the machines. In large datacenters, a humidity-free room with a steady, cool temperature is essential for the trouble-free systems are all state-of-the-art. "The partnership had an excellent relationship with the tenant and the GSA throughout the term of the lease" remarked Schiffman. "The GSA's renewal of the lease after its first ten-year term was evidence of their satisfaction." Although no specific price was given for the building, Schiffman did indicate that it "was solidly in the $10 million range". Carl Marks & Co. is a diversified investment and financial services firm whose specialties consist of a variety of complementary businesses including venture capital, corporate acquisitions, specialized money management and real estate investment and development. The company is also one of the foremost turnaround management consultants in the U.S., and provides mergers and acquisitions advisory services to its corporate clients. |
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