GREAT RIVER, NY-In what’s reportedly the largest office building sale on Long Island this year, an entity controlled by the Feil Organization has acquired Sunrise Business Center here for $50 million. The four-building, 388,500-square-foot campus marks the first office acquisition by the Feil Organization in Suffolk County.
Jeffrey Dunne, Steven Bardsley and Patrick Carino, all of CBRE‘s New York Institutional Group, teamed up with Bruce Nelson of CBRE’s Private Capital Group and David Leviton of CBRE’s Brokerage Division to represent the sellers, A-G Metropolitan Sunrise LLC, a joint venture of Angelo Gordon & LP and Metropolitan Realty Associates LLC. They also procured the buyer, Sunrise Business Associates LLC, an entity controlled by Feil.
Although it’s the first office buy in Suffolk County for New York City-based Feil, the company owns retail properties in both Nassau and Suffolk counties, as well as office assets in Nassau. It has a Long Island office in Levittown, NY.
The four-building Sunrise Business Center totals 388,500 square feet, and was recently renovated. Currently it’s 98% leased to tenants including Verizon, the County of Suffolk and administrative and support offices for both St. Josephs College and St. George’s University.
In a release, Dunne comments that the property will provide Feil with “critical mass of office space, giving them an immediate competitive advantage in the Central Suffolk Market. The 11-year-plus average lease term for almost half of the tenants will continue to provide stable income for the Feil Organization for many years to come.”