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GARDEN CITY, NY-Lifetime Brands Inc. has committed to 114,474 sf of space at the Business and Research Center here. The firm signed a 15-year deal at 1000 Stewart Ave. that will have an aggregate value of more than $40 million. Lifetime expects to move in at the end of the year and use the space for its executive offices, research and development center, warehouse and showrooms.
Lifetime is the first and largest tenant in the two-building, 186,500-sf mixed-used redevelopment that formerly served as a Bristol Myers-Squibb Pharma complex. It is moving its headquarters from 47,000 sf at One Merrick Ave. in Westbury, which it owns.
The Business and Research Center is owned by locally based Metropolitan Realty Associates and its New York City-based equity partner, Angelo, Gordon & Co. The joint venture acquired the site in August 2005. The former research building at 500 Endo Blvd. includes 25,000 sf of space which is being converted to professional/medical office space. Taxes at the complex are just $2.41 per sf as a result of a Pilot agreement that Metropolitan negotiated last year with the Town of Hempstead Industrial Development Agency.
Lifetime Brands designs, markets and distributes a variety of home-related items under trade names such as Farberware, KitchenAid and Pfaltzgraff. Douglas Omstrom and Thomas DiMicelli of Corporate National Realty LLC of Woodbury are the exclusive leasing agents for the two buildings. Lifetime was represented by Richard Karson, Martin Lomazow and Phil Heilpern of CB Richard Ellis. "It's terrific that a publicly traded company came to the building and saw the potential that we saw in this building," Omstrom says. "It's an architecturally significant building. It's not your typical office building on Long Island."
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