Damianos Closes on $15.5M Acquisition of Uniondale Office Property

OVERVIEW
Damianos Realty Group has purchased 50 Charles Lindbergh Boulevard in Uniondale, adding a significant, value-add office asset to its Long Island portfolio. The six-story, 240,000-square-foot building on 9.1 acres was previously owned by RXR and is currently about 50 percent occupied. Damianos plans a comprehensive renovation to reposition the property to Class A+ standards and attract new tenants.

PROPERTY SNAPSHOT
• Address: 50 Charles Lindbergh Boulevard, Uniondale, NY
• Size: 240,000 sq. ft., six stories, on 9.1 acres
• Occupancy: ~50%
• Prior owner: RXR
• Structure: Ground lease with Nassau County (leasehold interest transferred in the sale)

REPOSITIONING & RENOVATION PLAN
Damianos will undertake a full capital program focused on tenant experience and marketability:
• Lobby: Complete redesign to modern standards
• Corridors & Restrooms: Refreshed finishes and fixtures
• Amenities: Upgrades to conference facility, fitness center, and café
• Goal: Elevate the building to Class A+ and drive lease-up

TRANSACTION CONTEXT
The site sits on Nassau County-owned land; as with similar properties in the area, the deal included transferring RXR’s ground lease to Damianos. This structure supports long-term stewardship while enabling a capital-intensive repositioning.

PORTFOLIO STRATEGY
The acquisition aligns with Damianos Realty Group’s ongoing focus on underperforming office assets where strategic improvements can unlock value. Recent additions include:
• 100 Motor Parkway, Hauppauge (210,000 sq. ft.; acquired 2019 for $32M)
• 570 Expressway Drive South, Medford (29,000 sq. ft.; acquired 2023)

LONG ISLAND FOOTPRINT
Damianos now owns more than 28 Long Island properties totaling over 1.5 million square feet, spanning Babylon, Center Moriches, Commack, Hauppauge, Islandia, Lake Grove, Patchogue, Port Jefferson Station, Setauket, Shirley, Smithtown, Stony Brook, and Uniondale.

MARKET BACKDROP
RXR has been reducing its Long Island holdings in recent years, including the sale of the last building from its once-large Woodbury portfolio in 2024. The Uniondale acquisition continues the reshuffling of ownership among core suburban office assets.

DEAL TEAM
• Buyer representation: John Finn, Director of Leasing & Acquisitions, Damianos Realty Group
• Seller representation: JLL’s Jeremy Neuer, Jose Cruz, and Ray Ruiz

TAGS
Damianos Realty, RXR Realty, ground lease, Nassau County, JLL, property acquisition, Uniondale office, commercial real estate, Long Island real estate, office renovation