Long Island Business News - June 28, 2023
Damianos Realty Group has purchased an office property in Medford for $4.5 million.
The Smithtown-based company acquired the two-story, 29,000-square-foot glass and stone office building on 2.5 acres at 570 Expressway Drive South.
Built in 2002 and designed by Hoffman Grayson Architects, the office building is currently about 50 percent occupied by tenants including New York Life Insurance Company, Quest Labs, Land Use Ecological Services, Grace Industries and DeFoe Corp.
Damianos Realty Group is planning to invest in property upgrades that will include modernizing the lobbies, hallways, elevator, and bathrooms, as well as improving the parking lot, landscaping, signage, roof and mechanical equipment.
“570 South Service Road, upon our full renovation, will join the ranks of our other Class A office buildings,” DRG principal X. Cristofer Damianos, said in a company statement. “It also fits our philosophy of owning quality office buildings that cater to quality tenants in its convenient location on the Long Island Expressway.”
The Medford acquisition marks the company’s seventh property in the Town of Brookhaven collectively totaling over 400,000 square feet.
“We continually strive to acquire off-market transactions and embrace the challenges of transforming underperforming assets into performing assets,” DRG principal Pelops Damianos said in the statement.
The Medford acquisition was a direct deal between DRG and seller Namdar Realty.
By David Winzelberg