THE BLUEPRINT:
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Damianos Realty acquired 50 Charles Lindbergh Blvd. in Uniondale.
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The 240,000-sq-ft office building is about 50% occupied.
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Plans include full renovation of lobby, amenities, and interiors.
Continuing its strategy of acquiring and adding value to underperforming office assets, Damianos Realty Group has added another to its growing portfolio.
The Smithtown-based company has closed on its purchase of the six-story, 240,000-square-foot building on 9.1 acres at 50 Charles Lindbergh Blvd. in Uniondale, formerly owned by RXR.
The building is only about 50 percent occupied, according to company principal Cris Damianos. And like its other recent acquisitions, DRG has plans for extensive renovations that will reposition the building to attract new tenants.
“As with all of our properties, we have plans to fully renovate 50 Charles Lindbergh Boulevard to meet the elevated standards of our Class A+ portfolio,” Damianos said.
Upgrades to the property will include a redesign of the lobby, hallways, restrooms and amenity spaces including the conference facility, fitness center and café.
Like several properties in the area, the land the building sits on is owned by Nassau County and the sale involved transferring the ground lease that RXR had with the county.
RXR has been shedding many of its Long Island properties over the last several years. RXR once had more than 30 office and industrial properties in Woodbury that it took over from previous owner CLK/Houlihan-Parnes in a loan-to-own strategy more than a dozen years ago. RXR sold the last building in its once sprawling Woodbury portfolio for $23.5 million last year.
At the same time, Damianos has been growing its Long Island office portfolio over the last decade, acquiring the 210,000-square-foot building at 100 Motor Parkway in Hauppauge for $32 million in 2019 and the 29,000-square-foot building at 570 Expressway Drive South in Medford in 2023.
Today, the family-run real estate firm owns more than 28 Long Island properties totaling more than 1.5 million square feet. Damianos has assets in Babylon, Center Moriches, Commack, Hauppauge, Islandia, Lake Grove, Patchogue, Port Jefferson Station, Setauket, Shirley, Smithtown, Stony Brook and now Uniondale.
John Finn, director of Leasing and Acquisitions at Damianos Realty Group, represented the company, while Jeremy Neuer, Jose Cruz and Ray Ruiz of JLL represented the seller RXR in the Uniondale sales transaction.
