Stony Brook Office Park
Stony Brook Office Park was one of a portfolio of six buildings which were purchased in 2004 by Saracen, in partnership with Rockpoint Group. The portfolio, totalling 900,000 square feet, was purchased for $69,000,000 from a distressed private REIT. Over the next 18 months, Saracen acted as both Manager and Developer and oversaw a $23,000,000 recapitalization project for the properties. The scope of work for Stony Brook included the construction of a new parking garage, a new fitness center and a new cafe. Mechanical systems, landscaping and signage upgrades were also performed. Upon completion of the 18-month capital improvement program, the portfolio enjoyed an occupancy rate in excess of 80%.
The portfolio was sold to Normandy Real Estate Partners for $151,000,000 in April 2006.
- Developer - Saracen Development
- Architects - LaFrenieve Architects, Cubellis Architects, BH+A
- Civil Engineer - Beal Associates
- General Contractors - Ostrander Construction, Gilbane Construction, Commodore Builders
- Brokerage - Meredith & Grew, Inc., Spaulding & Slye, Cushman & Wakefield