A New Jersey-based real estate investment firm has purchased a Hauppauge office complex for $61 million.
Known as the Hauppauge Office Park, the complex bought by Cranford, N.J.-based Signature Acquisitions consists of three buildings totaling 282,656 square feet at 878, 888 and 898 Veterans Memorial Highway. The entire building at 878 Veterans Memorial Highway is leased to Allstate Life Insurance Company of New York and the other two buildings are 95 percent occupied by a variety of tenants, including Bridgehampton National Bank, Crawford & Company, Urban Financial America and Morgan Stanley.
The two original buildings at the complex, built in the late 1980s and designed by Mojo Stumer Architects, were named among a list of Long Island’s top 10 office addresses by LIBN in 2008. The third building was added in 2014. Amenities include a fitness center, racquetball court, cafeteria and media center.
The Hauppauge purchase was the latest in a buying spree for Signature Acquisitions this year. The company paid $87 million for an eight-building New Jersey office portfolio in February and another $21 million for a 180,000-square-foot office building in Tarrytown in May, according to published reports.
Jeffrey Dunne and Steven Bardsley of CBRE’s Institutional Properties in collaboration with Philip Heilpern of CBRE’s Long Island office represented Manhasset-based seller Colin Development in the Hauppauge sales transaction.