News: Long Island

CresaPartners completes two lease transactions for EOC

Patchogue-headquartered Economic Opportunity Council of Suffolk, Inc. (EOC) will remain in Patchogue, but move down the street to the newly-renovated building at 31 West Main St. The EOC is expected to move into its new headquarters by January 1, 2010, where they will occupy a full floor of the property. CEO Adrian Fasset said, "There were several good options elsewhere, but at the end of the day, being connected to the newly re-vitalized downtown area was an important factor for our organization and its employees. It's good for the community and the environment when people can walk to lunch or to the bank or pharmacy, instead of getting in their cars." Additionally, the EOC recently relocated one of its offices from Bay Shore to Central Islip. In September, the agency moved into 320 Carleton Ave., known as Courthouse Corporate Center. "We needed a central location along with plenty of parking. This location was a good fit for us and will make our organization more efficient" said Fasset. Both transactions were handled by Ralph Benzakein LEED AP, SIOR, of CresaPartners, acting as The EOC's exclusive tenant representative. "Each of these transactions provided a separate set of challenges, but ultimately, through sincere and focused discussions, the respective landlords were able to accommodate the needs of our client." Benzakein said. "There are good values out there for quality tenants, and smart landlords don't want to let good tenants slip away." Tritec Development and Real Estate Company, landlord at 31 W Main St., Patchogue was represented by Ray Ruiz of CBRE. Benjamin Development, landlord at 320 Carleton Ave, Central Islip was represented by Lee Rosner, SIOR, CCIM of Coldwell Banker Commercial Rosner & Associates.
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The evolving relationship of environmental  consultants and the lending community - by Chuck Merritt

The evolving relationship of environmental consultants and the lending community - by Chuck Merritt

When Environmental Site Assessments (ESA) were first part of commercial real estate risk management, it was the lenders driving this requirement. When a borrower wanted a loan on a property, banks would utilize a list of “Approved Consultants” to order the report on both refinances and purchases.