The retailer inked a 12.5-year deal for space at 1 Old Country Rd. where the average rent is $26 per sf. The move is expected to take place sometime this fall and create 100 jobs. The deal also includes two five-year extensions. 1-800-Flowers.com will occupy the entire fifth floor and part of the third, first and lower garden level floors. The firm also plans to open a retail store in the building.
According to Treeline executives, 1-800 Flowers was "wooed" by competing offers from not only other Long Island building owners, but from government economic development officials in Virginia, Illinois, Ohio and California. "At the beginning, we had only 53,000 sf of class A space available in at the property," explains Frances Schor, Treeline's CEO. "We knew we needed to offer at least 90,000 sf."
That extra space was found by signing eHomeCredit Corp. to a long-term lease for 25,346 sf at Treeline's 100 Garden City Plaza in nearby Garden City. The company is expected to occupy a portion of the fourth and fifth floors in the late summer.
Kraig Silver, Treeline SVP, represented the building owner, while Robert Rosenbluth of Real Estate Strategies Ltd. represented 1-800-Flowers. Silver represented both the owner and eHomeCredit in that transaction. Silver notes that the firm recently invested $8 million in a building improvement plan at the site and calls the transaction "creative" and "complex. We literally found office space where none existed before. We offered them [eHomeCredit] a very attractive new lease in exchange for releasing their space at 1 Old Country Rd."
In business for more than 20 years, Treeline recently launched an aggressive acquisition campaign targeting class A office properties throughout the tri-state area. The Garden City-based firm recently completed a $98.5-million mortgage refinancing of its office properties at 100, 200, 300 and 400 Garden City Plaza.
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