Northwell Health has acquired a new office property in Jericho, which will be redeveloped into a healthcare facility.
The three-story office building at 200 Jericho Quadrangle is 365,000 square feet. The sale price is unknown, but reports have estimated the price at around $31 million.
A Northwell spokesperson said that the healthcare provider is in the process of developing plans for the property’s development, but that it will be used for healthcare services to “meet the evolving needs of Long Islanders.”
“All investments remain part of Northwell’s mission to provide access to world-class care to anyone who comes to us for care,” the spokesperson said. “We look forward to more engagement with the community as we move forward with the project.”
Northwell Health operates healthcare facilities across Long Island and the New York Metropolitan area and has recently expanded to Connecticut. Nearby Northwell facilities to the recently acquired property include Syosset Hospital and Northwell Health Labs at Syosset.
The newly acquired Northwell Property was previously home to Cablevision and Altice USA.
The property has been vacant for the past two years.
The property was owned by majority partner TPG Angelo Gordon and minority partner The We’re Group. The We’re Group listed office spaces at 200 Quadrangle at $36 per square foot.
They continue to own 100 Jericho Quadrangle and 300 Jericho Quadrangle.
