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New York Property Firm Buys Long Island Offices in a Bet on Suburbs

Jericho Plaza
Jericho PlazaSource: The Birch Group

A Long Island, New York, office complex that counts Morgan Stanley and UBS Group AG as tenants sold for $212 million, the biggest office deal in the area in the past decade. 

The Birch Group purchased two buildings at 1 and 2 Jericho Plaza, with a total of 665,592 square feet (61,835 square meters) of space, from DRA Advisors and Onyx Equities, according to a statement Wednesday. The properties, just off the Long Island Expressway in Nassau County, are nearly 95% leased.