Damianos Realty Group has closed on its $32 million purchase of a six-story office building in Hauppauge.
Built in 2002, the 210,000-square-foot building at 100 Motor Parkway is on 10.36 acres. It is one of two twin buildings developed on the site by Tritec Real Estate. Tritec built the 200,000-square-foot building next door at 102 Motor Parkway in 2007 and sold it to Teachers Federal Credit Union in 2010 for more than $40 million.
Designed by architects Mojo Stumer Associates and the Baldassano Architectural Group, 100 and 102 Motor Parkway made the list of LIBN’s 10 best business addresses in 2008.
The building at 100 Motor Parkway is currently about 90 percent occupied. Tenants include Peoples United Bank, First Empire Securities, Wells Fargo, Stewart Title, law firms Farrell Fritz and Certilman Balin and VHB Engineering. About 20,000 square feet on the fourth floor is available.
The property at 100 Motor Parkway had been owned by Manhattan-based Briar Meads Capital, which bought the $28.65 million CMBS note on the property that was defaulted on by previous owner GE Capital.
“In our experience, corporate tenants want to locate in the best buildings that are in a superior location, rich in amenities, and have ample parking,” Cris Damianos, principal of Smithtown-based Damianos Realty Group, said in a written statement. “100 Motor Parkway fits that bill. It also fits our philosophy of owning quality office buildings that cater to quality tenants.”
John Finn was the in-house representative for the buyer, while Seth Berkowitz served as in-house representative for seller Briar Meads Capital in the sales transaction.
By: David Winzelberg
Check out the full post here!