Real Estate Weekly
Image default
Deals & Dealmakers Featured

JV to reactivate 76-acre former CA campus

Axonic Capital, Taconic Capital Advisors, Onyx Equities and Paul Amoruso of Oxford and Simpson, have acquired One CA Plaza, the 76-acre campus in Islandia which was formerly the corporate headquarters for Computer Associates.

One of the largest physical assets on Long Island, CA Plaza features three main office buildings totaling approximately 900,000 s/f of office space. This fully-amenitized corporate campus includes an internal road system, freshwater pond and courtyards, outdoor sporting areas, helipad, a 37,000 s/f daycare center, and full back-up power, in addition to other corporate services.

The new ownership group intends to reactivate the site, which currently sits unoccupied.

“Repositioning the CA Plaza site is the most significant opportunity in commercial real estate in Long Island,” said Matthew Weinstein, Partner and Head of Commercial Real Estate at Axonic Capital.  “We are excited to revive the property as a high-performing contributor to the economy of Suffolk County and an employment source in the Village of Islandia.”

As headquarters to Computer Associates’ for 30 years, the campus was occupied by more than 3,500 employees. In 2014, Computer Associates moved its headquarters to Manhattan and subsequently vacated the campus in 2018 after being acquired by Broadcom. Until recently, a small number of subtenants occupied a minor portion of the otherwise vacant space. 

In 2020, the prior owner defaulted on its mortgage loan and the property faced impending foreclosure by the CMBS trust that held the loan.  

“Having originally assembled the Computer Associates site 32 years ago, I saw how significant one piece of property can be to an entire region – and its reutilization today represents a moment of even greater importance,” said Paul Amoruso, principal in Oxford and Simpson, a leading Long Island corporate real estate advisor.   “There has never been a better time to bring a substantial opportunity to the Long Island market.”

Plans to revive the property are in process, but the partnership group has extensive experience, both individually and as partners, in developing or repositioning major properties in Long Island and New Jersey, including One and Two Jericho Plaza in Jericho, NY, 900 and 990 Stewart Avenues in Garden City, NY and Gateway Center in Newark, NJ.

(Visited 1 times, 1 visits today)

Related posts

French-American School sells White Plains campus to developer

REW

Luxury furniture retailer to open Madison Avenue showroom

REW

ON THE SCENE: Latest middle market sales

REW