A Long Island office portfolio that's owned through a joint venture between TPG Angelo Gordon and The We're Group has secured $280 million for refinancing.
The 14 properties take up a total of 1.51 million square feet and are positioned in Melville, Jericho and Lake Success, according to a report from Long Island Business News, citing a Newmark press release. The CRE brokerage arranged the financing for the JV.
Roughly 58 percent of the portfolio is allocated toward medical office use.
According to Jordan Roeschlaub, a leader on Newmark's efforts for the deal, the portfolio generates "durable cash flow" and has potential to add more medical office use through conversion.
"Lenders were particularly drawn to the strength of the sponsorship, the portfolio's diversified income stream and the favorable long-term fundamentals supporting medical office demand throughout Long Island," he added, according to Long Island Business.
Long Island's office fundamentals picked up toward the end of 2025, with vacancy in the third quarter falling to the lowest level seen since late 2021, according to a market report from Cushman & Wakefield. The CRE brokerage expects that "resilient market fundamentals and a strengthening economy" will drive performance in the future.
TPG and We're Group's portfolio features a roster of over 75 tenants and is 87 percent leased, with the remaining weighted average term being 5.3 years. Some tenants at the properties include New York Blood and Cancer, Catholic Health, Northwell Health and NYU Langone School of Medicine.
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