Originally Published in libn.com
Written by David Winzelberg
A Long Island real estate investment firm has purchased twin office buildings in Hauppauge.
The price was not disclosed, but real estate industry sources pegged it at just over $15 million.
Valley East Management is the new owner of 330 and 350 Motor Parkway. Built in 1971, the four-story buildings, known as The Towers East and The Towers West, total 144,000 square feet. The building at 330 Motor Parkway is on 4.46 acres, while 350 Motor Parkway is on 3.24 acres.
The occupancy rate of the two buildings is about 90 percent.
Fast-growing Valley East, helmed by partners Jeff Supinsky and Bob Agahi, has acquired about 1 million square feet of Long Island office space in just over two years. The company’s portfolio includes buildings in Westbury, Rockville Centre, Hicksville, Hempstead, and Franklin Square. The Hauppauge acquisition is the firm’s first in Suffolk County.
“While institutional investors seem to shy away from the suburban office asset class, we see value in suburban marketplaces and are looking to grow our portfolio substantially in the years ahead,” Agahi said in a written statement.
Adam Rochlin of The Rochlin Organization represented the buyer, while Jose Cruz and Kevin O’Hearn of HFF represented seller Capstone in the Hauppauge sale that closed Monday.
Rochlin and his colleague Joseph Kondracke will be handling the leasing for the buildings.
Bryan P. McCrossen, Esq., Michael Parachini, Esq. and Jamey Murphy, Esq. of Donovan LLP represented the Purchaser in connection with this transaction.