Cushman & Wakefield completes $87m Melville sale.Cushman & Wakefield announced the completion of the sale of Three Huntington Quadrangle quadrangle
Rectangular open space completely or partially enclosed by buildings of an academic or civic character. The grounds of a quadrangle are often grassy or landscaped. (3HQ) in Melville.
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AEW Amckerns Explosion Wars (Half Life community) Capital Management sold the 403,031 s/f property to Hines for $87 million.
3HQ consists of a North and South tower, each comprised of just over 200,000 s/f on four stories. Built in 1971, the property underwent a major renovation in 1999.
3HQ, which is 83% occupied, boasts a prestigious roster of tenants including Empire Blue Cross Blue Shield Blue Shield A US not-for-profit health care insurer that is a reimbursement intermediary for physicians. Cf Blue Cross. , CNA Financial CNA Financial Corporation (NYSE: CNA) is a financial corporation based in Chicago, Illinois, United States, and noted for its 600 foot tall red headquarters building there. Its principal subsidiary, Continental Casualty Company (CCC) was founded in 1897. Corporation, CIGNA CIGNA CG (Connecticut General Life Insurance Company) INA (Insurance Company of North America) , Cendant, Sovereign Bank, and St. Paul St. Paul
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"The acquisition of 3 Huntington Quadrangle will further enhance the Hines REIT REIT
See: Real Estate Investment Trust
See real estate investment trust (REIT). portfolio with the building's ideal location in the highly sought after Long Island marketplace," said Charles Hazen, president of Hines REIT.
Andrew Merin, vice chairman, David Bernhaut, executive vice president, Gary Gabriel, executive director and Jose Cruz, senior director, of Cushman & Wakefield's Capital Markets Group, together with David Leviton, executive director of Cushman & Wakefield's Long Island office, represented the seller and procured the purchaser.
"This was an excellent opportunity for the seller to take advantage of the favorable capital markets in the highly sought after Long Island marketplace," said Merin. "3HQ is one of the most desirable Class-A office properties in Suffolk County." Said Cruz, "The completion of this transaction demonstrates the strength and demand for commercial real estate on Long Island," said Cruz.
"The building was on the market for a relatively short amount of time and the offering attracted a substantial amount of interest from regional and national private and institutional investors." Added Hines vice president Bart Swenson, "This is an exciting opportunity for Hines to add value through improving building operations and the tenant experience by implementing a substantial capital improvement program focused primarily on upgrading the property's mechanical and electrical systems."