The Metropolitan Area Capital Markets Group of Cushman & Wakefield, led by Andrew Merin, represented Investcorp and Broadway. Broadway Partners initially acquired the office, which is situated on 22.2 acres, in 2003. It was part of a three-asset Long Island portfolio which totals approximately one million sf. In 2004, Investcorp purchased a 50% equity stake. This marks the first sale of some of these properties. Scott Lawlor, founder and CEO of Broadway Partners, says the sale is part of the firm's investment strategy with the portfolio.
Three Huntington Quadrangle is currently 99% occupied with tenants such as Cigna and Cygnus Business Media. Broadway had served as the asset and property manager, and CB Richard Ellis served as the leasing agent. Earlier this week, Investcorp, in partnership with Lincoln Equities, sold 275 Hartz Way, a 403,869-sf industrial/mixed-use building in Secaucus, NJ to ING Clarion Partners.
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