New York Office Asset Changes Hands in $25M Deal

By Mihaela Coste

One Lincoln Center, Syracuse, N.Y.

HFF has recently closed the sale of One Lincoln Center, a 305,594-square-foot Class A office tower located in downtown Syracuse, N.Y. New York City-based real estate company Zamir Equities acquired the property from a private seller for $25.3 million.

Managing Director Rob Rizzi, Associate Director Steven Rutman and Director Michael Oliver of HFF’s New York investment sales team represented the seller and procured the buyer.

One Lincoln Center is located at 110 W. Fayette St., in close proximity to the intersection of interstates 81 and 690, which provide connectivity to the area’s most popular residential neighborhoods. Armory Square and numerous hotels, shopping places and museums as well as Syracuse Federal Building, the Pike Block, City Hall and OnCenter are also nearby. The 17-story asset was built in 1970 and is the tallest building in Syracuse.

Interior of One Lincoln Center

The property underwent a $10 million renovation in 2016, including a new lobby, common areas, fitness center, conference room, elevator modernization, roof replacement and additional upgrades to the building’s HVAC system, façade and restrooms. Amenities include an on-site convenience store, a ground-floor restaurant and grade level parking.

At the time of the transaction, the asset was 86 percent leased, the tenant roster including JP Morgan Chase, Bond Schoeneck & King PLLC, Cadaret Grant & Co. LLC, Bousquet Holstein, Grossman St. Amour and Arcadis. 

One Lincoln Center benefits from the $265 million investment in Syracuse’s CBD as part of New York Governor Andrew Cuomo’s $1.5 billion New York Upstate Revitalization Initiative.

Earlier this year, Zamir acquired a four-story office asset located in King of Prussia, Pa. for $30.2 million, the company specializing in targeting superior market returns in both undervalued and stabilized real estate assets.

Images courtesy of Zamir Equities