The law firm's lease covers the entire third floor and part of the lower level of the three-story, 115,000-sf property. The exact lease rates were not available; however, asking rent for office space at the property averages $32 per sf and ground-level retail space hovers between $50 and $70 per sf.

L'Abbate, Balkan, Colavita & Contini will relocate to 1001 Franklin from its current offices at 1050 Franklin--which is also owned by the Albanese Organization--on Sept. 1. The firm had outgrown its space and spent two years looking for other alternatives in the market, according to CB Richard Ellis senior vice president Thomas Kaufman, who repped the tenant. The existing relationship with Albanese was one factor in the firm's decision to move to 1001 Franklin, adds Kaufman, who was joined by Theodore P. Sasso, Jr. and Edward Fitzsimons, also senior vice presidents with CBRE. Russell Matthews acted in-house for the ownership.

Albanese and Castagna purchased the property on March 17, 2004 from the Garden City Co. and immediately made plans to turn it into Long Island's first "green" commercial property. Demolition and asbestos remediation began in October. Specific work will include energy-efficient HVAC systems, the use of no or low-grade volatile organic compound materials and an advanced air filtration system. The project is a private venture and development costs are not being released, according to the owners.