Bahrain-based Investcorp, a global investment group, today announced it has sold New York office property in partnership with Lincoln Equities Group of Rutherford, New Jersey, for a value of approximately $37.5 million.
The sale represents Investcorp's sixteenth property sale in 2003, and brings the value of the firm's total real estate realizations this year to approximately $435 million.
The property, located at 2001 Marcus Avenue, Lake Success, New York, is a 212,390 square foot Class B+ office building that was purchased by the Investcorp/Lincoln partnership in March 2001. The property was developed in 1979 and consists of one three-story multi-tenanted office building on 8.6 acres.
The acquirer of the property is a partnership made up of the Feil Organization, the Goldman Group and Nakash Enterprises. The Investcorp/Lincoln partnership was represented exclusively in this transaction by the Metropolitan Area Financial Services Group of Cushman & Wakefield.
Presently, the property is 98 percent occupied by a variety of office and medical related tenants. The property is located approximately 15 miles east of Manhattan, adjacent to the Queens/New York City border.
Investcorp is a global investment group with offices in Bahrain, London and New York. The firm has four lines of business: corporate investment, real estate investment, asset management and technology investment. It was established in 1982 and has since completed transactions with an aggregate value of approximately $25 billion. — (menareport.com)
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