Long Island's biggest deal.

The North Shore-Long Island Jewish Health System has signed one of the biggest lease deals in Long Island's history.

Pressed for space at its two existing Long Island hospitals--the North Shore University Center in Manhasset and the Long Island Jewish Medical Center in New Hyde Park--the healthcare company agreed to take 474,000 s/f at iPark, a 1.4 million s/f mixed-use complex.

According to the spokesman for the North Shore-Long Island Jewish Health System, iPark's main attraction was its location, across the street from the Long Island Jewish Medical Center and right off the Northern State Parkway.

"Basically, the underlying issue here is that there is a growing demand for in-patient services at our two flagship hospitals. We are usually either at or over capacity at both of them. So we are essentially freeing up space in our hospitals by relocating ambulatory services to what is an easily accessible location nearby," said Terry Lynam.

"What's going to be built [at iPark] offers a great setting for both patients and physicians. It has easy access, ample parking, it's easy for people to get to and it's a high quality environment."

Most of the space, which will include a 23,000 s/f ambulatory service center and a 37,000 s/f ambulatory cancer center already under construction, will be used to provide services such as chemotherapy to cancer patients. Lynam would not reveal how much the North Shore-Long Island Jewish Health System is paying per square foot, but he said that the company is spending at least $30 million on the first phase of construction. Richard Mack, who along with David Bender represented one of the property's landlords, Appolo Real Estate Advisors, in the transaction, indicated that rents at iPark range from high $20's to mid $30's per s/f. The entire facility will be completed within five to 10 years and the North Shore-Long Island Jewish Health System will have the option to expand its space by up to 100,000 s/f and to buy its facility from Apollo and its partner National RE/Sources.

"We are looking to develop most of the space over the next five years, it's a long-term project," Lynam noted.

Brian Waterman and Scott Panzer, of Newmark & Co., represented North Shore-Long Island Jewish Health System in the transaction. David Leviton, of Cushman & Wakefield, served as an outside agent for the landlords.

Appolo Real Estate Advisors and National RE/ Sources purchased iPark as an industrial complex about five years ago and redeveloped the property into a high tech office, distribution and retail center. The companies paid less than $30 million for the purchase.