Jones Lang LaSalle closes $39.25 million sale of 5000 Corporate Court in Holtsville

Jones Lang LaSalle Capital Markets experts have closed the sale of 5000 Corporate Court in suburban New York for Piedmont Office Realty Trust. An institutional investor purchased the class A Suffolk County office property for $39.25 million. Leading the Jones Lang LaSalle team on this transaction were managing directors Joe Garibaldi and Peter Nicoletti and vice president Tom Walsh. Executive vice president and Long Island market director Ray Ruiz and vice president Marianne Dugan provided local market guidance. "Because this property was primarily leased to three U.S. General Services Administration (GSA) tenants, it received a great deal of interest from both government REITs and private entities who were attracted to its stable and secure income stream," said Garibaldi. "This investor, in particular, welcomed the significant upside inherent in 5000 Corporate Court - with an additional 48,000 s/f currently vacant." Designed in 2000 to meet the needs of the GSA, 5000 Corporate Court counts among its tenants the Department of Internal Revenue Services Compliance, Department of Internal Revenue Services Appeals and the Bureau of Customs and Immigration Services. The property is located on more than 37 acres and provides superior access to the Long Island Expressway, Sunrise Highway, Nicols Road and Veterans Memorial Highway. The property is currently 82% leased. Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether a sale, financing, repositioning, advisory or recapitalization execution.