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Eastern New York Office Complex Trades For $200 Million

EAB Plaza, a major Long Island office property, has sold for roughly $200 million. Galaxy LI Associates, a joint venture between New York-based real estate developer Moinian Group and C&K Properties, were the buyers.

Galaxy LI is now working with the town of Hempstead to expand the 1.1 million sq. ft., Class-A complex by nearly 350,000 sq. ft. on an adjacent eight-acre parcel. That acreage was included in the sale package.

Cushman & Wakefield will be the exclusive leasing and management agent for the property. Chicago-based Jones Lang LaSalle represented the seller, a joint venture of the DeMatteis Organization and ABN-Amro Bank, in the negotiations.

C&K considered buying EAB Plaza earlier this year before inviting The Moinian Group to partner with them in the deal. The two firms are 50/50 owners of the complex.

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