Treeline adds Garden City tower to portfolio.

In a transaction valued at $46 million, The Treeline Companies has acquired Atria East, the six-story, 207,000 s/f commercial office building located at 990 Stewart Avenue in Garden City, New York. Frances Schor, president of The Treeline Companies, made the announcement.

"We are proud to add 990 Stewart Avenue to the growing Treeline Companies' portfolio, and pleased to expand our presence on one of Long Island's premier commercial thoroughfares," Schor stated.

She noted that 990 Stewart Avenue will join the company's existing Long Island office properties at One Old Country Road, 100 Garden City Plaza, 200 Garden City Plaza, 300 Garden City Plaza and 400 Garden City Plaza.

Cushman & Wakefield's Andrew Merin and Gary Gabriel represented the seller, Heritage Management, in the off-market transaction. The property is currently 100% leased.

Heritage acquired the Class A property in mid-2005 for $37 million. Steven Greenberg, principal at Heritage, commented, "During the past 18 months, we have negotiated eight long-term leases totaling 74,000 s/f to bring Atria East to 100% occupancy. This has enabled us to capitalize significantly on our investment there.

"Atria East sits in Long Island's commercial and geographic center, and the property draws continuous demand. The Treeline Companies has taken advantage of a great opportunity to expand their presence in a strong market with significant barriers to entry."

The Cushman & Wakefield team arranged the original purchase for Heritage. Said Gabriel, "It is always satisfying to see a good client succeed in repositioning a trophy asset such as this. As their first acquisition on the Island, the Greenberg's identified one of Nassau's premier properties."

Designed by Michael Harris Spector, who also designed nearby Reckson Plaza (formerly EAB Plaza), Atria East has gained a first-class reputation in the Long Island office market following a multi-million dollar capital improvement program in 2004.

"990 Stewart Avenue is proximate to our core holdings on Long Island, bringing our Garden City portfolio to 1.1 million square feet," commented Schor. "Nassau County is an established office market that is both dynamic and economically-sound."

The Treeline Companies is currently developing over 100,000 s/f of new office space at the site of a former Macy's warehouse at 177 Livingston Street, Brooklyn, to complement that portfolio.

"Treeline has been searching markets throughout the metropolitan area to acquire quality office properties," Schor stated. "Reputable tenants, proficient in-house ownership and a top-notch location unlock the true value of our office properties."