The Hines REIT has spent $87 million to acquire a two-building office complex east of New York City on Long Island. The seller was Boston-based AEW Capital Management. The property at 3 Huntington Quadrangle consists of two four-story buildings with roughly 408,000 sq. ft. of total retail and office space.
“The acquisition of 3 Huntington Square Quadrangle will further enhance the Hines REIT portfolio with the building’s ideal location in the highly sought after Long Island marketplace,” says Charles Hazen, president of Hines REIT.
The property is 83% leased to a tenant roster that includes Empire Blue Cross Blue Shield, CIGNA, Cendant, Sovereign bank and St. Paul Travelers. The entire complex was built in 1971, but underwent an extensive renovation in 1999. Cushman & Wakefield represented the seller, AEW Capital Management. Hines represented the Hines REIT on the deal.