Rechler signs 1m s/f in leases through third quarter.Rechler Equity Partners, Long Island's largest owner of commercial real estate, announced the completion of 44 lease transactions through the third quarter of 2005, comprising nearly one million square feet of space. These signings boost total occupancy within its 5.6 -million-square-foot portfolio to over 97 percent. The announcement was made by Mitchell Rechler of Rechler Equity Partners. Rechler Equity reported more than 502,000 square feet in new leases and 479,387 square feet in renewals and expansions throughout its portfolio of properties. Two major transactions of over 100,000 square feet powered the overall activity and included a 106,000-square-foot lease recently signed by pharmaceutical giant LNK LNK Love and Kisses LNK Lincoln, NE, USA - Municipal Airport (Airport Code) LNK Laisvas Nepriklausomas Kanalas (Lithuanian TV) LNK Linkcentre (website) International at 2004 Orville Drive North. LNK plans to relocate its operations, currently at 60 Arkay Drive in Hauppauge, to the Rechler-owned property. LNK was represented by Richie Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. of Ashlind Properties in the lease negotiations with Harry Stavro of Rechler Equity Partners, who acted on behalf of the ownership. Earlier this month, Huttig Building Products, one of the largest domestic distributors of millwork, building materials Building materials used in the construction industry to create . These categories of materials and products are used by and construction project managers to specify the materials and methods used for . and wood products committed to 125,000 square feet of space for its first distribution center in Long Island at 110 Plant Avenue in Hauppauge, NY. This transaction was the largest consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. on Long Island thus far in 2005. In addition to LNK and Huttig, other notable transactions included a 60,022-square -foot renewal by global defense company Northrop Grumman Northrop Grumman Corporation (NYSE: NOC) is an aerospace and defense conglomerate that is the result of the 1994 purchase of Grumman by Northrop. The company is the third largest defense contractor for the U.S. Corporation at 65 Marcus Drive; a 33,655-square-foot renewal by Blue Cross Blue Shield Blue Shield A US not-for-profit health care insurer that is a reimbursement intermediary for physicians. Cf Blue Cross. at 25 Orville Drive; American DeRosa's 43,950-square-foot lease at 600 Old Willets Path; and RVSI RVSI Robotic Vision Systems, Inc. (Canton, MA) RVSI Robotic Visions Systems, Inc. (Nashua, New Hampshire) Inspections' 32,841-square-foot lease at 425 Rabro Drive. "The nearly one million square feet of signed leases during the first 10 months of 2005 are a clear indication of a market that continues to demonstrate strong dynamics," said Mr. Rechler. "Strong demand for quality space in all sectors of the business community has been evident over the past two years and if our success is any indication, it shows no clear signs for slowing in the near future." |
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