GlobeSt.com learns that both leases are for terms of 10 years and the two new tenants will make up the entire ground floor at the three-floor industrial property. The three floors total 255,000 sf, while the basement is 30,000 sf. Both tenants will take immediate occupancy.

Larry Smith, executive vice president at S&Z, represented the landlord, Stellar Management. Joseph Eliasoph, managing director, represented McVicker and Higgenbotham. Jason Aufarth, also a managing director at S&Z, represented Mitchell Distribution. The asking rent was $15 gross for each space.

Smith tells GlobeSt.com that the aggregate lease value is $10 million total for both tenants. The building is located in what Smith refers to as "the best part of Long Island City," at Van Dam and Skillman avenues. It is within walking distance to the 7 train, and is located across the street from LaGuardia Community College. "The once predominately industrial neighborhood is diversifying, with numerous schools, office buildings and residential complexes occupying the area," he tells GlobeSt.com.

In 1997, the Swingline stapler company closed its factory in two industrial buildings in Long Island City, Queens--one of which it had occupied for 50 years--and moved its operations, and 450 jobs, to Nogales, Mexico. The departure of Swingline Stapler from LIC was viewed as a sign that the area is shifting away from industrial users, according to Smith. "However, while its surrounding neighborhood undergoes various changes, its well-known former facility on Queens Blvd. and Van Dam, next to the 7 line, has been continually occupied by industrial firms."