Ares Management Sells Office Condominium Unit to North Shore University Hospital

April 6, 2015

Willkie Assists Ares in its Sale of 375,000 Square Feet of Office Space to North Shore University Hospital.

On March 27, Willkie helped its client, an affiliate of Ares Management, L.P., sell an office condominium unit comprising approximately 375,000 square feet in the 1 million square foot mixed use complex located at 1111 Marcus Avenue on Long Island, New York to North Shore University Hospital.  1111 Marcus Avenue was formerly the home of Sperry Gyroscope and the United Nations and comprises five buildings on 94 acres of property.  The sale was complicated by ongoing environmental remediation efforts by former owner Lockheed Martin on the property, which is a state Superfund site.

Ares Management, L.P. is a publicly traded, leading global alternative asset manager with approximately $86 billion of assets under management.

North Shore University Hospital is a part of North Shore-LIJ Health System, one of the largest integrated health systems in the United States and the largest private employer in New York State.

The transaction was handled by partner David Drewes and associates Jennifer Coffey and Jennifer DiNicola.