Motorola signed a 24,138-sf lease for 200 Building at 3500 Sunrise Hwy., which is owned by Garden City, NY-based Metropolitan Realty Associates. Move-in is planned for the fourth quarter.
"The town of Islip Industrial development agency, the IDA, fixes taxes at $1.62 [per sf] for five years," Joseph Farkas, president of Metropolitan, explains to GlobeSt.com, "and escalates it over the next 10 years, 3% per year. So, it was a pretty attractive tax program that I put in place at the time I purchased the building." According to the release, tenants will know their tax obligations in the 388,000-sf complex.
"Also, the building is in an Empire Development Zone," Farkas says, "which affords tenants additional incentive for employment sales tax credits from New York state, utility purchasing discounts and sales tax relief." The business center supplies its tenants with building-wide WiFi, cafe, concierge services and a 300-seat conference center.
The new office is expansion space for Motorola, which has its Long Island headquarters just eight miles away. The company intends to use the facility for product development. Other companies leasing space in the office park are Aetna Life Insurance, Citizen's Banks, AC Atel, Hearst Business Media, Lessings Inc., Metro Door, Netsmart Technologies, T-Mobile, Schoenfeld Securities and Verizon.
Joshua Glieber, vice president in New York City, and Meghan Ward, transaction manager in Chicago, both with Jones Lang LaSalle, represented Motorola. CB Richard Ellis senior vice president Ray Ruiz and associate Marianne Dugan, both in the Woodbury, NY, represented Farkas.
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