Cushman & Wakefield announced today that the real estate services firm has brokered the sale of 2 Corporate Center Drive, a 291,230-square-foot office complex located in the premiere business district of Melville, New York. Princeton International Properties acquired the three-story office building.
Cushman & Wakefield’s Andrew Merin, David Bernhaut, Gary Gabriel, Ryan Larkin and Phil D’Avanzo represented the seller in the transaction.
“The buyer recognized the significant investment opportunity that this property posed,” said D’Avanzo. “It’s not only a high performing asset anchored by top tier tenants in the area’s most sought after business district, but it also has the potential to increase its net operating income through strategic leasing of the remaining vacancy.”
Situated on 18 acres of land, the building is currently 83 percent leased and has recently undergone a significant $5.2 million renovation that included major HVAC upgrades, a new outdoor patio area, as well as a parking lot expansion that included an additional 337 new parking spaces.
“The area’s well-performing market fundamentals in combination with 2 Corporate Centre Drive being a high-quality office asset makes this a smart investment,” said Bernhaut. “We’re delighted Princeton International Properties jumped on the opportunity and that our team was able to satisfy both parties in this transaction.”
Located in the premiere office and retail corridor of Melville, this area boasts the highest suburban office market occupancy rate in the NYC metro area, with rental growth increasing by 18 perecent over the past five years. Additionally, Western Suffolk County is the most active submarket in the region, accounting for 26 percent of the overall Long Island leasing activity and 75 percent of Suffolk Country’s leasing activity.
Since 2000, Melville, New York, has witnessed significant migration, boasting a 28 percent population growth rate of an affluent and well-educated demographic over the past twenty years.