Princeton International Properties has purchased 2 Corporate Center Drive in Melville, N.Y. The Long Island asset spans 291,230 square feet of office space across three stories.
Cushman & Wakefield brokered the transaction on behalf of the seller, identified by CommercialEdge as Lone Star Funds. The Class B asset last traded in mid-2015, for $25.1 million.
The property was 83 percent leased at the time of the deal, with the roster including Honeywell Security. The 18-acre plot sits just off Interstate 495 and 34 miles east of Midtown Manhattan.
The asset has recently undergone a $5.2 million renovation, which included upgrades to the lobby and entryway, HVAC system and LED lighting. The overhaul also comprised the addition of a new outdoor patio area, improvements to the full-service cafe and the expansion of the parking lot by 337 new spaces.
The Cushman and Wakefield team working on behalf of Lone Star included Andrew Merin, David Bernhaut, Gary Gabriel, Ryan Larkin and Phil D’Avanzo. According to the brokerage, Melville has the highest suburban office occupancy rate in the New York City’s metro area, while Western Suffolk County is the most active submarket in the region, accounting for 26 percent of the overall Long Island leasing activity and 75 percent of Suffolk Country’s leasing activity.
Founded in 1978, Princeton International’s portfolio is mostly situated in Manhattan and also includes two additional properties on Long Island. The larger, Garden City, N.Y., asset at 666 Old Country Road is situated 14 miles west of 2 Corporate Center Drive and offers 120,000 square feet of Class A space across eight stories. The company picked up the property in 2018, in a $21.7 million deal.
In 2019, Princeton International landed a $100 million refinancing loan for its 25-story, 413,000-square-foot 90 Broad St. property in the Financial District. The Class A landmark asset stretches along a full block block between Stone and Bridge streets. At that time, the tower’s availability was at 3 percent, which increased to roughly 17 percent in 2021, according to CommercialEdge data.