Gemini Fund Services, LLC, an engaged partner to independent advisors as a provider of comprehensive, pooled investment solutions, has committed to 34,906 s/f of office space at 80 Arkay Dr. The lease transaction is one of the first major deals signed at the property since Rechler Equity Partners (www.RechlerEquity.com) acquired Standard Microsystems Corp.'s (SMSC) headquarters facility in a sale-leaseback transaction in March, valued at $18 million.
Ted Trias, director of acquisitions and leasing; and Harry Stavro, director of leasing, acted on behalf of the ownership. Brian Lee, Michael Silver and Scott Berfas of Newmark, Grubb, Knight Frank (NGKF) represented Gemini Fund Services in the lease negotiations.
"We are very excited to have signed a lease with this terrific organization," said Mitchell Rechler, partner, Rechler Equity. "We are also very pleased to have leased almost half of the available space within four months of purchasing the building."
Currently located in 11,000 s/f at 450 Wireless Blvd., the financial services firm has grown exponentially over the past few years and required additional space to house its expanding operations. According to Kevin Wolf, president of Gemini Fund Services, "We are committed to bringing jobs to Long Island as we continue to grow our business in the area. We wanted to remain in Hauppauge and 80 Arkay Dr. offered the perfect combination of an A-quality office building, disaster recovery infrastructure with an abundance of redundant power and competitive pricing."
80 Arkay Drive is a premier office property built in 2007 to serve as the headquarters of SMSC. The 200,000 s/f complex boasts numerous class-A amenities including a , full-service onsite café, a health club with locker room facilities, back-up generators and 24/7 access and security.
Rechler Equity Partners is the successor company to Reckson Associates, founded over 50 years ago by Donald and Roger Rechler. Today managed by Mitchell and Gregg Rechler, Rechler Equity Partners is the largest owner of commercial real estate on Long Island with a portfolio of assets totaling over six million square feet. Rechler Equity offers a wide range of services including leasing, property management, asset management, architecture, construction, environmental, finance and development. Tags: