Melville, NY Jeffrey Dunne, Steven Bardsley and Travis Langer of CBRE’s Institutional Properties Group, in collaboration with Philip Heilpern and Robert Seidenberg of the CBRE Long Island office, represented institutional investors advised by J.P. Morgan Asset Management, Treeline Companies and KABR in the sale of 3HQ for $69 million. The team also procured the buyer for the suburban office building.
3HQ is a 408,917 s/f office building that is 99% leased to high-credit tenants, including Northwell Health, Travelers and Santander Bank. Located along the Rte. 110 corridor, the property recently underwent a major capital renovation program which included significant upgrades to the café, the bathrooms and the conference room, along with the elevators and common areas.
“3HQ’s superb location and enviable high-credit tenancy will provide stable cash flow for the new owner,” said Dunne of CBRE. “This factor, coupled with a weighted average lease term of over six years, will mitigate any long-term risk.”
Adam Altman managing member of KABR GROUP said, “We are happy to have successfully completed our value-add business plan on 3HQ while working with terrific partners, Treeline and JP Morgan.”
“Our business plan for 3HQ was to invest in enhancing the profile of the building through major capital improvements, including a full elevator modernization, a new main lobby design and a modern café,” said Michael Schor, CIO of Treeline. “This program was well received in the market, allowing us to stabilize the tenancy and achieve our objectives for the asset on time and on budget.”
CBRE Institutional Properties has a number of attractive investment opportunities including: Landmark Square in Stamford, Connecticut, an iconic 815,921± square-foot seven building office complex; 42 Old Ridgebury Road, a 61,653± SF office building in Danbury, CT; The Source, a 260,866± square-foot a high-volume grocery anchored retail center at 99% occupancy in downtown White Plains, New York; and Crystal Lakes, a 106,345± square-foot building in West Orange, NJ.