Rechler Equity Partners holds annual Brokers Party on March 4th

Rechler Equity Partners held its annual Broker Party at its office on March 4th to celebrate the dealmakers involved in several of the top leases and acquisitions at Rechler properties throughout the region in 2013. "Our annual Broker Party is a special event that gives us a chance to acknowledge the brokers and companies who have been tremendous contributors to the success of Rechler's properties during the year," said Mitchell Rechler, managing partner at Rechler Equity Partners. "We're proud of our strong relationship with the brokerage communities on Long Island, and look forward to the great collaborations to come in the New Year." The Broker of the Year award was presented to Gus Nuzzolese of Colliers International for his work on the 49,000 s/f Catholic Health Services office lease at Rechler's 110 Bi County Blvd. in Farmingdale. The previous tenant, Bed Bath and Beyond, was relocating, and Nuzzolese connected Catholic Health Services with Rechler for a 12-year lease at the property. This transaction was solidified by Nuzzolese's professional negotiations and the successful inducement of the tenant by the Town of Babylon/IDA that yielded a 12-year tax abatement for the new tenant starting at 100%. Catholic Health Services committed to a 12-year lease for half of the Bed Bath and Beyond space, and replaced a 100% of employees lost by Bed Bath and Beyond's exit to New Jersey. For Rechler Equity, this deal prevented what would have been a large vacancy in the fall. The father and son team of David and Bob Godfrey from CB Richard Ellis were presented with the "Innovative Deal of the Year" award for handling the set of challenges presented during negotiations for the 24,000 s/f lease for global logistics leader DHL at Rechler's industrial property at 325 Rabro Dr. in Hauppauge. When negotiations began in September, this class A industrial tenant needed to be in their new space before year end with a large and unique build out. In addition to having to obtain a building permit, a special use permit was also required in order for the tenant to park their fleet of trucks on-site overnight. The CBRE team successfully brought the Rechler and DHL teams together, and helped navigate challenging obstacles to meet the tenant's needs in this fast-tracked transaction. Jack O'Connor and Chuck Tabone of Newmark Grubb Knight Frank were honored for their role in Rechler's acquisition of a 50-acre site in Long Island's East End at Gabreski Airport. Seven years ago this broker team approached Rechler Equity to meet with local civic groups who had been negotiating with Suffolk County in regards to density and lease structure for a proposed development on the East End. Approximately one year later an RFP was released for the purpose of developing 500,000 s/f in a planned development park. Today, the site has been re-zoned, has full sewer capacity and Rechler has broken ground for 220 Rogers Way, a 60,000 s/f class A distribution facility at the renamed Hampton Business District/Gabreski. The mixed-use park is unlike any other in the East End, and zoned for medical, office, R&D, manufacturing, and high-end distribution use. Tabone was also recognized for "Industrial Deal of the Year," for his work on the renewal of a 10-year lease for Wenner Bread at Rechler's 2001 Orville Dr. in Bohemia. Tabone negotiated Wenner Bread's original 72,000 s/f lease 10 years and played a critical role in the 10-year renewal arranged at the close of 2013 that prevented the bread and dough maker from relocating to New Jersey. The Suffolk County Economic Development Agency provided Wenner with a 10-year tax abatement, helping to solidify the transaction. "Year after year, Chuck Tabone manages to make important deals with us, and is a true ally of Rechler Equity," said Gregg Rechler, managing partner at Rechler Equity Partners. The "Office Deal of the Year" award went to Concorde Real Estate's Mike Quadrino for his work with Zwanger Pesiri, a radiology firm on Long Island, in negotiating a new, 15,000 s/f, 15-year lease for their back-office billing operations at Rechler's 110 Bi County Blvd. in Farmingdale. Quadrino was able to help Zwanger Pesiri, which traditionally builds out their own space, become comfortable with Rechler's ability to deliver a full turnkey solution for their space needs. In addition the broker worked with Rechler, the tenant and the IDA to negotiate significant tax breaks that were key to the transaction. In the evening's final award, CBRE was named Rechler's Brokerage Firm of the Year. "This firm has proven year after year to be a great asset to Rechler Equity Partners," said Mitchell Rechler. "In 2013, through their hard work, we were able to renew a 24,000 s/f office tenant in Bohemia; signed a 24,000 s/f industrial lease with a class A tenant in Hauppauge; and renewed a 36,000 s/f R&D tenant in Melville. Already this year, CBRE this is on track to out-do 2013's performance."