Treeline buys trophy property on Wall Street of Long Island.

In a transaction valued at $98.7 million, The Treeline Companies has acquired Franklin Avenue Plaza in partnership with First Point Partners, a New York based real estate investor.

The 520,000 s/f four-building commercial complex is located at 1205, 1225, 1305 and 1325 Franklin Avenue in Garden City, New York. Frances Schor, president of The Treeline Companies and David King president and CEO of First Point Partners, made the announcement.

"We are pleased to add Franklin Avenue Plaza to the firm's Long Island assets and we are excited to take advantage of the location and potential this property provides," Schor stated. "The property is proximate to our core holdings on Long Island, bringing Treeline's Garden City portfolio to nearly 1.65 million square feet."

Franklin Avenue Plaza will join Treeline's existing Long Island office properties at 990 Stewart Avenue, One Old Country Road, 100 Garden City Plaza, 200 Garden City Plaza, 300 Garden City Plaza and 400 Garden City Plaza.

Schor notes that a multi-million dollar capital improvement program for Franklin Avenue Plaza will be effective immediately. Improvements will include common area and elevator renovation, building system upgrades and amenities, first-class finishes and elegant landscaping.

"This is an exciting acquisition for Treeline and First Point." said King "The winning combination of an excellent Garden City location, first class amenities, Treeline's strong management, and the planned capital upgrades to an already stellar property will maintain Franklin Avenue Plaza as one of the destination office properties in Long Island."

CB Richard Ellis' Jeff Dunne represented Treeline and First Point in the transaction with Cammeby's International Ltd., the seller. Dunne commented, "Treeline is purchasing one of the trophy office properties on Long Island and should fare well given the irreplaceable nature of this unique property."

Michael Sherman of CBRE Middle Markets provided the debt financing for Treeline in the transaction.

Located on Franklin Avenue, commonly known as "the Wall Street of Long Island" for its abundance of banks and investment firms, Franklin Avenue Plaza is near the Northern State Parkway, Old Country Road and Jericho Turnpike and minutes away from the Long Island Expressway. Franklin Avenue Plaza is a concrete-and-glass office complex consisting of four buildings; two of three-stories and two reaching five-stories. The complex features ample parking, on-site banking, express mail drops, a cafeteria, card store and a fitness center.

Major tenants at Franklin Avenue Plaza include Allstate Insurance, Merrill Lynch, Metropolitan Life Insurance, Morgan Stanley, NY Times Company, Wachovia Securities, Israeloff, Trattner & Co., The Nassau County Federal Credit Union, Hemisphere National Bank, Signature Bank and other firms. The property is approximately 90% leased.