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Firm sells 65,000-SF office/R&D space in East Setauket, NY, to Tritec Real Estate for $4.5M
MELVILLE, NY, JUNE 13, 2013 — Jones Lang LaSalle has completed the sale of 41 Research Way in East Setauket, N.Y., for Massachusetts-based GSI Group Inc. Tritec Real Estate Co. Inc. acquired the 65,000-square-foot office and research and development facility for $4.5 million.
The seller, GSI Group, was represented by Ray Ruiz, executive vice president with JLL’s Long Island office; Marianne Dugan, vice president; and Doug Seale, associate, along with Tamie Thompson and Rick Fahey, managing directors, with JLL’s Boston office. The buyer, Tritec Real Estate, was represented in-house by Robert Kent, vice president and general counsel.
“Given the historic low vacancy at the 1 million-square-foot complex in which the facility is located, it was logical for Tritec Real Estate Co., as master developer of the park, to acquire the building,” said Ruiz. “The acquisition provides a tremendous opportunity to occupiers seeking tenancy in this highly desirable area of Suffolk County’s North Shore.”
The partial two-story 41 Research Way building is the former headquarters of Quantronix Inc., a subsidiary of GSI Group. The specialty office and research and development building is located on 5.87 acres in the heart of the North Shore of Suffolk County’s commercial and technological business district and is just a few blocks from Stony Brook University Medical Center. The building is prominently visible within the Stony Brook Technology Park and offers direct access to Nicolls Road (CR-97) and Nesconset Highway (Route 347).
Since expanding its office on Long Island in early 2010, JLL has sold more than 1 million square feet in investment properties and commercial real estate throughout the market.
JLL is a leader in the New York tri-state commercial real estate market, with more than 1,600 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services. In 2012, the New York tri-state team completed approximately 23.8 million square feet in lease transactions, arranged capital markets transactions valued at $1.57 billion, managed projects valued at nearly $7.0 billion, and oversaw a property and facilities management portfolio of 102.1 million square feet and an agency leasing portfolio of 76.0 million square feet.About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.7 billion of real estate assets under management. For further information, visit www.jll.com.
George Shea, Mark Faris - Shea Communications