During the second quarter of 2008, Rechler Equity Partners, one of the largest owner's of commercial properties on Long Island celebrating its 50th Anniversary in 2008, completed nine new lease transactions within its six million s/f portfolio. Companies committed to 158,834 s/f of space, signing long-term deals and bringing the total occupancy throughout the Rechler portfolio to over 96%. The announcement was made by Mitchell Rechler of Rechler Equity Partners.
Renewal deals played a major role in the exceptional activity over the past quarter. The largest renewal signing was a 78,240 s/f deal at 110 Marcus Dr. by Fonar Corp., the world's leading developer and manufacturer of MRI scanners.
Other significant renewals included a 24,000 s/f commitment at 80 Orville Dr. by HQ Global, a provider of outsourced workplaces, and a 16,508 s/f lease at 70 Orville Dr. by Holbrook Aid, which provides warehousing for Aid Auto Stores.
New lease transactions included a 12,000 s/f commitment by Superior Woodworking at 210 Blydenburgh Rd.; a 9,420 s/f lease by Precision Assembly Technology at 160 Wilbur Place; and a 6,566 s/f lease by Nationwide CATV Auditing Services at 125 Wilbur Place.
Harry Stavro of Rechler Equity Partners negotiated all the transactions on behalf of the ownership. Nationwide CATX Auditing was represented by Chris Lynch of United Realty. Mark Greenspan of CB Richard Ellis represented HQ Global and Anthony Papiro of Aireco acted on behalf of Precision Assembly. Tags: