NEW YORK—Madison Marquette and certain funds within the Perella Weinberg Partners’ asset-based value strategy have acquired The Center Building a 450,000-sq.-ft. mixed-use commercial property in Long Island City. HFF marketed the property on behalf of the seller, Hampshire Properties, in the $84.5 million transaction.

The HFF investment sales team representing the seller was led by Andrew Scandalios and Jose Cruz, both senior managing directors, and Jeffrey Julien and Kevin O’Hearn, managing directors.

Located at 33-00 Northern Boulevard and originally built in 1915, The Center Building provides access to public transportation and includes a 62-space underground parking garage and ground floor restaurant. Currently, the property is 88 percent leased to such agencies as the Human Resources Administration, New York City Transit Authority and the Department of Cultural Affairs, among others.

“Long Island City is a very attractive investment market,” said Ryan Colbert, director of investments at Madison Marquette. “The Center Building has an irreplaceable location and a blue-chip tenant base. The combination of having both stable cash flow and upside potential makes this a very unique investment.”