Business & Tech
$212M Buy Is LI's Biggest Office Space Deal In A Decade
A New York property group acquired 1 and 2 Jericho Plaza in a major deal, as employers look to add more flexible and suburban work spaces.
JERICHO, NY—One property firm is confident about the future of office work and Long Island's place in a changing flexible working future. The Birch Group, a private investment group, has acquired 1 and 2 Jericho Plaza for $212 million, the biggest Long Island office space deal in a decade.
The property firm is the largest office space landlord in New Jersey, and this new deal, announced Wednesday, adds 665,592 square feet to its holdings.
The two Jericho office buildings are 95 percent leased, and include tenants like AIG, Deloitte, Morgan Stanley, Ernst & Young, Valley Bank, Sterling National Bank and UBS. The firm acquired the space from from DRA Advisors and Onyx Equities.
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In a statement from The Birch Group, executives pointed to the buildings' convenient location near the Long Island Expressway, and the desirability of the area.
"The area boasts the strongest vacancy rate in the New York Tri-State suburban region and is widely recognized as a rising affluent market with diverse and dense labor pools, offering tenants prime options for top-tier office space."
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