HAUPPAUGE, NY - Cushman & Wakefield, Inc.'s Metropolitan Area Capital Markets Group has been retained to market 2929 Expressway Drive in Hauppauge for sale. This highly visible, Class A office leased to five tenants, including blue chip giants Microsoft and MetLife, according to Cushman & Wakefield's Andrew Merin, who is heading the assignment with team members David Bernhaut, Gary Gabriel and Kyle Schmidt.
"The Long Island market offers strong economic and market fundamentals, coupled with significant barriers to further development," Merin said. "Within this context, the offering of 2929 Expressway Drive presents an opportunity to acquire a well-leased, institutional-quality office building with core plus returns. Additionally, a retail pad development site presents the chance to grow the property's net operating income."
The building sits on 12 acres at the intersection of the Long Island Expressway (Exit 57) and Long Island Motor Parkway, with excellent visibility from one of the New York Metropolitan Area's most heavily traveled roadways. "This property is widely considered to be among the highest-quality office buildings in its competitive market," Schmidt said. "It provides a rarely matched branding opportunity for its owner and tenants alike."
Merin noted that Long Island continues to be an attractive, cost-efficient alternative to New York City's high rental rates and operating expenses. The regional office market is one of the tightest in the nation, bolstered by a low, 6 percent unemployment rate. Home to 2.8 million people, Long Island is known as a diverse, educated and affluent market driven by the education, healthcare, high-tech and financial services sectors.
Based in East Rutherford, N.J., Cushman & Wakefield's Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Connecticut and Pennsylvania. The team has completed more than $17 billion worth of transactions since 2000.