News: Long Island

Solimine of Signature Partners LLC completes 5 leases for Wells Fargo

Signature Partners, LLC has completed five lease negotiations for client Wells Fargo. Robert Solimine of Signature Partners, LLC negotiated the leases for all of the spaces. The lessee, Wells Fargo & Co. is a diversified financial services company with operations around the world. Wells Fargo is the fourth largest bank in the US by assets and the third largest bank by market cap. Locations and details are as follows: 532 Broadhollow Road in Melville - Signature Partners, LLC brokered the lease on the 6,010 s/f commercial space between T. Weiss Realty and Wells Fargo. Located at 532 Broadhollow Rd., the offices will serve as Wells Fargo's mortgage sales facility. 585 Stewart Avenue, 6th Floor in Melville - Signature Partners, LLC brokered the lease on the 7,015 s/f commercial space for this renewal and expansion for Wells Fargo. The office, located at 585 Stewart Ave. will serve as Wells Fargo's metro area corporate facility for its mortgage broker business. The landlord, DRD Realty of Garden City, delivered turnkey space allowing for the expansion without much required renovation. Joe LoPresti of Concord Real Estate represented the landlord, DRD Realty. 2350 Merrick Road in Bellmore - Signature Partners, LLC brokered the 3,060 commercial s/f property between JJB Enterprises of Bellmore, and Wells Fargo. The initial 1,560 r/s/f lease, brokered in November 2009 was followed by an additional requirement of 1,500 r/s/f in December 2009. The expansion space extends into the adjoining suite on the first floor of the building and will serve as mortgage brokers' offices. 651 Willowbrook Road in Staten Island - This commercial office space of 3,534 s/f is located on the second floor of a 30,000 s/f office building owned by Frank Mor Realty. Centrally located on the island, the office will house Wells Fargo's mortgage broker business. 42 Hill Street, Southampton - Signature Partners, LLC brokered the deal between Wells Fargo and Hill Street Mews of Southampton, NY for the 4,000 commercial s/f located on the partial ground floor of 42 Hill St. to house Wells Fargo's mortgage banking business.
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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.