Firm sells 5,156 SF condo unit to OCLI Realty, leases 7,819 SF to Stony Brook Children’s Services to bring Stony Brook Technology Center to 100% leased, sold
NEW YORK, NY – December 28, 2011 – (RealEstateRama) — Jones Lang LaSalle has completed two deals, totaling 12,075 square feet, for building owner Tech 4 LLC, a subsidiary of Tritec Real Estate Co., at 4 Technology Drive in East Setauket, N.Y. OCLI Realty LLC acquired a 5,156 square-foot medical condominium unit for an undisclosed amount, and Stony Brook Children’s Services signed a long-term lease for 7,819 square feet at the Class A, 40,000-square-foot medical office building.
Building owner Tech 4 LLC was represented in both transactions by Raymond Ruiz, executive vice president and head of Jones Lang LaSalle’s Long Island office; Marianne Dugan, vice president; and Doug Seale and Brian Cruz, associates. Buyer OCLI Realty Inc. was represented by William Yorio , executive vice president, with Corporate National Realty. Tenant Stony Brook Children’s Services was represented by Lee Rosner, managing principal, with Coldwell Banker Commercial Rosner.
“With these two transactions, Jones Lang LaSalle has brought 4 Technology Drive to 100 percent leased or owned,” said Ruiz. “The demand for medical office space in close proximity to Suffolk County hospitals and health networks continues to outpace the demand for non-medical professional space. Newly constructed, modern medical facilities throughout Long Island have shown resiliency in what continues to be a challenging real estate market.”
OCLI Realty Inc. is the real estate arm of Ophthalmic Consultants of Long Island, a group of Long Island board-certified ophthalmologists. The firm bought a 5,156-square-foot medical office condominium on the ground floor at 4 Technology Drive, which is located within the 100-acre Stony Brook Technology Center, near the intersection of North Belle Mead Road and Nesconset Highway.
Stony Brook Children’s Services is a pediatric practice affiliated with University Hospital at Stony Brook. In August, the tenant signed a long-term lease for 7,819 square feet on a portion of the second floor at the building.
Jones Lang LaSalle is a leader in the New York tri-state commercial real estate market, with more than 1,700 of the most recognized industry experts offering brokerage, capital markets, facilities management, consulting, and project and development services. In 2010, the New York tri-state team completed approximately 17 million square feet in lease transactions, completed capital markets transactions valued at $861 million, managed projects valued at more than $5.8 billion, and oversaw a property and facilities management portfolio of 83.5 million square feet.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2010 global revenue of more than $2.9 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.8 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47.9 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com
Contact:
George Shea, Mark Faris
Company: Shea Communications
Phone: +1-212-627-5766
Email: mfaris (at) sheacommunications (dot) com
