Brooklyn firm buys Melville office property for $69M

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A Brooklyn-based real estate investment firm has purchased a sprawling Melville office property for $69 million.

The acquisition was announced in a written statement by CBRE, which brokered the sale but did not disclose the buyer. However, industry sources say that Galil Management, which owns several apartment buildings in and around New York City, is now the new owner of 3 Huntington Quadrangle, a four-story, 408,917-square-foot office complex on 23.63 acres that has traded three times in the last 11 years.

The property, one of the largest office complexes on the Route 110 corridor, had been purchased by The Treeline Companies and KABR Group for $35.77 million in Dec. 2016. That partnership bought 3 Huntington Quadrangle from Hines REIT, a Texas-based real estate investment trust, which had acquired the property for $87 million in 2007.

Designed by architect William Schroeder, 3 Huntington Quadrangle was constructed in 1971. The property includes parking for more than 1,500 vehicles and is currently 99-percent occupied by tenants that include Northwell Health, Travelers Insurance and Santander Bank.

Jeffrey Dunne, Steven Bardsley and Travis Langer of CBRE’s Institutional Properties Group, in collaboration with Philip Heilpern and Robert Seidenberg of the CBRE Long Island office procured the buyer and represented the sellers Treeline, KABR and institutional investors advised by J.P. Morgan Asset Management in the deal that closed last week.

“3HQ’s superb location and enviable high-credit tenancy will provide stable cash flow for the new owner,” Dunne said in the statement. “This factor, coupled with a weighted average lease term of over six years, will mitigate any long-term risk.”