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Developer Grabs 100 Acres for Office/Flex Park

WAWAYANDA, NY-Panattoni Development is purchasing 100 acres here and putting two buildings totaling roughly 750,000 sf of office usuable space and offering build-to-suit options.

By Ryan Clark | Updated on November 03, 2008

WAWAYANDA, NY-Panattoni Development Co. is purchasing 100 acres here and constructing two buildings with broad zoning options to be named the Pine Lane Business Center. The company will place building A–500,229 sf–and building B–241,800 sf–on the plot of land, set to deliver by the end of 2009, with an asking price in the low-$5 per sf range, according to Frank Tomasulo, senior VP of CB Richard Ellis in Stamford, CT. Tomasulo brokered the deal for Panattoni.

The land is located in what Orange County, NY refers to as the “Golden Triange,” the area between the New York Thruway, Interstate 84 and Route 17. This puts the location 25 minutes from Stewart International Airport, one hour from New York City and just north of the Sussex County border with New Jersey.

“[Panattoni has] gone to the market and located strategic pieces of land on which they would develop,” Tomasulo tells GlobeSt.com. With recommendations for this property, “Pattatoni has sought the approvals” and “with those approvals in hand, they closed on the property,” he explains.

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