Another N.Y. purchase for Hines REIT

Despite renovation in '99, buyer plans upgrades

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Hines REIT has acquired a class A, two-building office/retail complex in Melville, N.Y., for an undisclosed price. The property, 3 Huntington Quadrangle, was sold by AEW Capital Management. It is comprised of two four-story buildings totaling approximately 408,000 rentable square feet of office and retail space, and they are connected by a central lobby. Constructed in 1971, the property underwent a major renovation in 1999, which included upgrades such as a newly designed lobby entrance, and refurbished public corridors and elevators. Surface parking for 1,500 cars is provided. At the time of sale, the property was 83 percent leased to tenants that included Empire Blue Cross Blue Shield, CIGNA, Cendant, Sovereign Bank and St. Paul Travelers. According to Hines Vice President Bart Swenson, Hines REIT plans to upgrade the property's mechanical and electrical systems. ...