In what it says is Long Island’s largest office deal in the past decade, The Birch Group, a privately held commercial real estate investor, owner and operator, has acquired a two-building portfolio from DRA Advisors and Onyx Equities in Jericho, New York for $212 million. The acquisition follows the company’s recent $255 million portfolio purchase in Short Hills, New Jersey and continues its strategy on acquiring value-add office assets across the tri-state area.
The 665,592-square-foot portfolio comprises two Class-A office buildings located at 1 and 2 Jericho Plaza. The area is widely recognized as a rising affluent market with diverse and dense labor pools, offering tenants prime options for top-tier office space. With this latest acquisition, The Birch Group has now acquired over $1.1 billion of commercial office assets since 2020.
“This acquisition presents an opportunity to add additional trophy quality institutional assets to our evolving office roster, furthering The Birch Group’s strategy to give tenants the optimal experience in environments that meet and exceed expectations as we enter the new year as the largest private office landlord in New Jersey,” said Mark Meisner, president and founder of The Birch Group. “As we look ahead to the coming months, we believe companies will place a renewed interest in providing top-notch office experiences and spaces where people want to be. Our focus remains on enacting tailored improvements strategies on a case-by-case basis to create long-lasting returns for our tenants and investors alike.”
Nearly 95% leased at 1 and 2 Jericho Plaza, the property’s tenants include AIG, Deloitte, Morgan Stanley, Ernst & Young, Valley Bank, Sterling National Bank and UBS.
“As the largest office owners in New Jersey and a prolific leader in the tri-state area, The Birch Group is following the demographic shift to the suburbs resulting from the pandemic as leasing activity increases in targeted submarkets,” said Christopher DeLorenzo, executive vice president at The Birch Group. “With 2022 return to office plans coming to fruition, this trend represents an extraordinary opportunity to meet the demand for high-quality office assets in prime markets.”
