The CBRE team of Jeff Dunne, Steve Bardsley and Travis Langer, in collaboration with Philip Heilpern of CBRE’s Long Island office, completed the $22.5-million sale of the leasehold interest in 50 Jericho Quadrangle in Jericho, NY. CBRE represented the seller, AG-WE’RE 50 Jericho, LLC, a partnership managed by an entity of TPG Angelo Gordon. The team also procured the buyer, MDJ 50 Jericho Quad LLC, an entity managed by MDJ Realty Services.
50 Jericho Quadrangle is a Class A office building spanning 145,189 square feet. Currently 76% leased, it’s anchored by Grassi & Co. The building is in western Nassau County, which has a competitive set availability rate of just 9%. Its location provides access to the strong amenity base and executive housing along Long Island’s North Shore.
Dunne said, “50 Jericho Quadrangle is well-positioned in a historically strong market to lease the existing vacancy, creating significant upside for the new ownership.”
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