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Cushman & Wakefield Brokers Sale of Empire Blue Cross Blue Shield Building in Middletown, N.Y.

| October 14, 2016 | 0 Comments

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MIDDLETOWN, N.Y., Oct. 14, 2016 – Commercial real estate services firm Cushman & Wakefield has orchestrated the sale of 85 Crystal Run Road in Middletown, N.Y. A private entity acquired the 164,070-square-foot Class A property, home to Empire Blue Cross Blue Shield, from an affiliate of Madison International Realty and its operating partner.

Cushman & Wakefield’s Metropolitan Area Capital Markets Group, headed by Andrew Merin, David Bernhaut, Gary Gabriel, and Brian Whitmer and supported by Frank DiTommaso and Andrew Schwartz, represented the seller and procured the buyer in the transaction. Cushman & Wakefield serves as exclusive leasing agent for the property.

“This is the first time the property has been delivered to market for sale since it was developed in 1990,” said Merin. “It is a highly accessible, headquarters-quality location in the heart of Orange County’s premier business and economic destination, and it drew strong attention from buyers.”

The 21-acre site in Crystal Run Corporate Park serves as the Corporate Accounts Services location for Empire Blue Cross Blue Shield. It provides a beautifully landscaped, park-like setting with ample parking and multiple on-grade entryways, and the four-story building features a naturally-lit atrium lobby, as well as cafeteria and fitness center infrastructure. It is also in close proximity to an abundance of conveniences and amenities including shopping, dining, lodging and entertainment.

“Empire Blue Cross Blue Shield is the third largest employer in Orange County and is committed to maintaining a strong presence in Middletown, a market driven by the medical and healthcare industries,” noted DiTommaso. “The site’s office/medical zoning offers the region a best-in-class asset with the ability to cater to either end-user.”

Located immediately off of I-84 and Rt. 17, the property is ideally situated in one of the Mid-Hudson region’s rapidly expanding commercial and medical corridors, anchored by the Orange Regional Medical Center. The recent completion of a $99 million expansion project that included a new 153,000-square-foot outpatient building and a cancer center at the hospital’s main campus is evidence of the high level of interest in new development in one of New York State’s fastest-growing counties.

Based in East Rutherford, N.J., Cushman & Wakefield’s Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., Pennsylvania, and Delaware. The team has completed $23 billion worth of transactions since 2000, closing on $2.0 billion in 2015.

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About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

About Madison International Realty

Madison International Realty (www.madisonint.com) is a leading liquidity provider to real estate investors worldwide.  With approximately $3.4 billion AUM, Madison provides joint venture and preferred equity capital for real estate owners and investors that are looking to de-lever their properties; seek an exit strategy; or where existing sponsors seek to sell a portion of their ownership position.  The firm provides equity for recapitalizations, partner buyouts and capital infusions; and acquires joint venture, limited partner and co-investment interests as principals.  Madison invests only in secondary transactions and focuses solely on existing properties and portfolios in the U.S., U.K., and Western Europe.  Madison has offices in New York, London and Frankfurt, Germany, where the firm operates under the name of Madison Real Estate Beteiligungsgesellschaft mbH.

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Category: Cushman & Wakefield of New Jersey, News Releases, Newswire: Latest News

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