Terms were not disclosed; the renewals came with deep discounts, according to published reports. "There was considerable competition from other office buildings to lure these important tenants away," says Sanford Zuckerbrot, chairman of Sholom & Zuckerbrot Realty, which acted on behalf of landlord Tilles & Zuckerbrot, in a release. However, he adds that the tenants ultimately decided that "both the building and Bethpage are hard to beat."

Frank Zuckerbot, president of S&Z, notes in a release that Bethpage is a vibrant office market, with headquarters for Cablevision, mattress retailer Sleepy's, Bethpage Federal Credit Union and supermarket chain King Kullen all located nearby. "And the area is poised for continued growth," he says. "It was heavily dominated by Grumman for decades, but it has diversified greatly during the past 15 years."

The Tilles & Zuckerbrot partnership, which also includes Peter Tilles and Lawrence Smith, acquired 1055 Stewart two years ago for $27.5 million. The property was originally developed by Grumman, and its current owners have the as-of-right opportunity to build another 90,000 square feet on the 17.5-acre site.