Limited Construction Adds to Healthy Leasing

NEW YORK CITY-Long Island-based Rechler Equity Partners signed more than 109,000 sf in lease transactions during the first quarter of 2008 in Hauppauge, Bohemia, Melville and Islandia, NY. Mitchell Rechler, a principal of Rechler Equity Partners, tells GlobeSt.com that activity has been consistent on Long Island. “We have been busy the past few years,” he says. “So far, we have not seen a slowdown.”

The new transactions during the first quarter of the year ran the gamut from large, multi-faceted leases to numerous renewals and expansions by existing tenants. Among the largest new leases was Bradley Marketing Group’s 30,124-sf deal at 135 Fell Court in Hauppauge, NY. In addition, Hometown Insurance Agency committed to 10,563 sf of office space at 5 Orville Dr., a newly developed, 44,000-sf, class A property in Bohemia, NY; and United Panel took 10,000 sf at 208 Blydenburgh Rd. in Islandia, NY. Rechler was not able to reveal further specifics such as aggregate lease value, lease terms, taking rent or asking rent, however GlobeSt.com found that asking rent at 5 Orville Dr. is $20.95, and Rechler did confirm that price.

Other noteworthy transactions during the first quarter of 2008 included: Commerce Bank’s 40,000-sf lease renewal at 45 Melville Park Rd. in Melville, NY; G&K Services 9,400-sf new lease at 160 Wilbur Place in Bohemia, NY; Surf Tech Manufacturing’s 4,856-sf renewal at 80 Orville Dr. in Bohemia, NY; and Micro Giant’s 3,950-sf new lease at 400 Oser Ave. in Hauppauge, NY. Again, Rechler was not able to reveal further specifics such as aggregate lease value, lease terms, taking rent or asking rent, however GlobeSt.com found that asking rent at both 80 Orville Dr. and at 160 Wilbur Place is $8.75 and he did confirm that price as well.