Queens-Long Island Medical Group PC has committed to a 20-year, 32,000-sf lease within the 300,000-plus-sf class A complex. In addition, Reunion Newco has signed a long-term 15,000-sf lease. Both tenants plan to occupy the property by early 2008, when Phase II will be completed.
A source close to the deal tells GlobeSt.com that the terms of the lease could not be disclosed. They did say that overall average rental rates for a class A property here according to Q3 reports are $31.79 per sf.
The CBRE team of Larry Weiss, Marty Lomazow, Roy Chipkin, Richard Karson and David Shaoulpour oversee the leasing at Phase II on behalf of the ownership, Lalezarian Properties. Queens-Long Island Medical Group was represented by Gail Roseman of Sholom & Zuckerbrot Realty LLC while Robert Kuppersmith of Cushman and Wakefield handled the transaction on behalf of Reunion Newco.
The two new tenants will join other tenants including Coby Electronics at Phase II of the Granite Buildings, bringing Phase II to 50% leased. The manufacturer of quality consumer electronics products committed to a 20,000-sf lease this past summer. North Fork Bank, North Shore Long Island Jewish Health Systems and Sumitomo Corp. of America are among the tenants that occupy space in its sister-property--Phase I--which was completed in 2005 and is currently 100% leased.
"Since construction began, the project has caused a flurry of excitement in the market," Weiss notes. "The Granite Buildings stand out among other western Nassau County buildings as the truest example of a class A property. This property has it all--ideal location, superior construction and an excellent package of amenities--making it the choice property on Long Island."
Located at 1991 Marcus Ave., the Granite Buildings are less than one-quarter mile from the Long Island Expressway and Northern State Pkwy. and are under one-half mile from Queens County. Among its many amenities, the complex features a 60-foot-high atrium, high quality finishes, an onsite cafe and banking services, as well as three levels of covered parking offering a generous ratio of more than five spaces per 1,000 sf of office space.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
