A producer of Polar Heart Rate Monitors for fitness and rehabilitation centers, Polar Electro is relocating from 370 Crossways Park Dr. in the nearby suburb of Woodbury, NY. The company will now occupy space in iPark's main building, 111 Marcus Ave., for the next ten years, serving as its North American headquarters.
"This move is due to our development over the past four years," says Philippe Duleyrie, Polar's president. "During that time our business nearly doubled and we increased our personnel by 40% to 90 people. We expect that trend to continue."
Cushman & Wakefield's David Leviton and Jeanine Lanza represented iPark in transaction. David Pennetta and Damon Lazar of Jericho, NY-based Oxford and Simpson Realty Inc. repped Polar.
Terms of the deal were undisclosed; however, this transaction follows another recently inked lease at the property by L.A. Fitness--where asking rents were quoted to be in the mid-$20 range. As previously reported by GlobeSt.com, that 15-year L.A. Fitness lease was for 65,000 sf in complex's South Building.
The 1.4-million-sf iPark is a former defense industry site previously owned by Lockheed Martin, but purchased by Apollo Investments and National RE-Sources in 1999. The ownership has recently begun a significant capital improvement project at the property.
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