LAKE SUCCESS, NY-Stellae International, a logistics management company serving European fashion houses, is subleasing 111,111 square feet from the New York Times Co. at 1111 Marcus Ave. here. The new subtenant is expected to cross the Nassau County border from 14939 Guy R. Brewer Blvd. in the Jamaica section of Queens into the 1.4-million-square-foot complex, which once housed the United Nations, during this quarter.
Asking rent for the seven-year sublease is $7 per square foot, down from $10.50, according to a release. The Times Co. used its space at 1111 Marcus since 2001 to house a distribution center for its City & Suburban Delivery Systems subsidiary, which it closed in January 2009.
Richard Cohen of Ashlind Properties represented the Times Co. along with Manhattan-based Byrnam Wood LLC. Schacker Realty Corp. represented Stellae, which arranges air and sea freight from Europe to the US and provides customs clearance and delivery services for clients that include Yves Saint-Laurent and Oscar de la Renta. Last year, Cohen arranged another sublease on behalf of the Times Co. with Fusion Auto Finance, which took 34,120 square feet at 1818 Pacific St. in the Suffolk County hamlet of Hauppauge.
The five-building office and industrial complex at 1111 Marcus was built in 1941 by the US government as a defense manufacturing plant for Sperry Gyroscope. Later, it served as the original headquarters of the UN before its move to Manhattan.
The current ownership, Apollo, became sole owner of 1111 Marcus in 2006 after acquiring it for $12 million in 1999 in a partnership with Greenwich, CT-based National RE/Sources, which redeveloped it. Other tenants include North Shore Long Island Jewish Health System, Allstate Insurance, AXA Equitable Life Insurance Co. and DealerTrack.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
