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New JV Buys LIC's Center Building

NEW YORK CITY-The large, multi-tenant building traded hands for close to $85 million.

By Rayna Katz | Updated on January 16, 2013

NEW YORK CITY- A JV formed by affiliates of Madison Marquette and certain funds within the Perella Weinberg Partners’Asset-Based Value strategy announced Tuesday that it has purchased the Center Building, a 450,000-square-foot, multi-tenant office building in Long Island City, in Queens for $84.5 million.

The newly formed entity plans to build upon the asset’s existing strong tenancy and cash flow, and to add value to both the office and retail components, according to an announcement fro HFF which marketed the property on behalf of the seller, Hampshire Properties.

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