Almost a decade after buying Jericho Atrium, Metropolitan Realty Associates (MRA) and Angelo, Gordon & Co. have sold the repositioned Class A office building to a Long Island-based real estate company for $29.75 million.
“This sale underscores the success of our firm’s long-standing investment strategy of creating underlying value in a property through land use and zoning knowledge, adding tenant amenities to meet market demand, and reconfiguring floorplates and tenant spaces, all in an effort to maximize market rents and occupancy,” said MRA President Joseph A. Farkas.
“Even as the office market struggled following the recession, we were able to attract tenants by creating a durable asset.”
The property at 500 N. Broadway in Jericho, N.Y., is located midway between Jericho Turnpike and the Long Island Expressway and Northern State Parkway. It is 88 percent-occupied with a diverse tenant roster of more than 60 companies.
Originally developed in 1986, Jericho Atrium was renovated by MRA shortly after its acquisition. Major improvements include two new lobbies featuring glass atriums, a new fitness center and conference room, redesigned common areas, meticulously landscaped courtyards and upgraded mechanical systems.
HFF’s Jose Cruz privately marketed Jericho Atrium on behalf of MRA and its partners.