Reckson pockets $62m for Charles Lindbergh Boulevard.In the small world of real estate, Scott Rechler's slimmed-down and re-named RexCorp firm has sold off one of the Long Island assets it bought back from SL Green to a former executive vice president of the 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 REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). . JOSS Realty Partners--a real estate investment firm set up in 2005 by industry veterans Steve Klein and Larry Botel--paid Rechler $62 million for the two-story class A office building at 60 Charles Lindbergh Boulevard. The sale price equates to $285 psf. Klein, who formerly worked at SL Green, set up the firm to invest in commercial and development opportunities in the northeast and Florida, targetting smaller properties in metropolitan markets where land is scarce, but job growth and demographics are favorable. Jeffrey Dunne and Steven Bardsley of CBRE's New York Tri-State Region Institutional Group collaborated with the CBRE CBRE CB Richard Ellis (real-estate firm) CBRE Chemical, Biological, Radiological and Explosive CBRE Component-Based Reliability Estimation CBRE Coldwell Banker Richard Ellis (Boston, MA) Long Island team of Richard Karson and Philip Heilpern to represent New Venture MRE MRE abbr. meal ready to eat LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , an affiliate of RexCorp, in the sale of 60 Charles Lindbergh Boulevard. The team was also responsible for procuring the buyer. Dunne commented, "JOSS Realty has acquired a strategically located facility with an investment grade tenant that provides stable, long-term cash flow." Heilpern noted, "We are pleased to have worked with RexCorp in this property sale that assisted them with the privatization privatization: see nationalization. privatization Transfer of government services or assets to the private sector. State-owned assets may be sold to private owners, or statutory restrictions on competition between privately and publicly owned of their suburban assets in conjunction with the SL Green portfolio sale." 60 Charles Lindbergh Boulevard, constructed in 1986, is a two-story plus concourse 217,351 [+ or -] SF Class A office building located in Uniondale, New York Uniondale is a hamlet (and census-designated place) as well as a suburb of New York City in Nassau County, New York, United States, on Long Island, in the Town of Hempstead. The population was 23,011 at the 2000 census. that is leased to the County of Nassau on a long-term basis. In 2005, the County of Nassau strategically consolidated its eight health and human services departments The Department of Health and Human Services (HHS) is the cabinet-level department of the Executive Branch of the federal government most involved with the health, safety, and welfare of the U.S. population. into 60 Charles Lindbergh to create a more efficient operation. The building is located 1.5 miles from the Meadowbrook Parkway in the heart of Nassau County. The property is also ideally positioned in one of Long Island's best submarkets, near an abundance of amenities and government buildings, and surrounded by a number of affluent residential communities. The sale is among several transactions Rechler has been involved with since his firm's $6 billion sale to SL Green. He partnered with several investors to by Reckson's suburban assets back from SL Green and set up RexCorp to control the 11 million square feet portfolio of property in New York, New Jersey and Connecticut. |
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