Tilles breaks ground on new Nassau office building.

In a dramatic vote of confidence in Long Island's economic future, Tilles Companies is breaking ground on a $20 million, four-story, 100,000 square-foot building adjacent to Froelich Farm Blvd. in Woodbury, NY on a six-acre site inside the Tilles Companies' existing Gateway Office Park.

Industry observers report Tilles' action marks the start of the first new office building construction in Nassau County in a decade.

Gateway, and its neighboring Nassau Crossways International Plaza, were landmark developments created by Tilles in the late 1960's and originated the corporate park concept of preserving the surrounding landscape as an integral part of new development. The two corporate parks continue to offer cutting-edge, state-of-the-art buildings as a result of a Tilles' philosophy of upgrades and modernization.

The announcement by Tilles Companies co-partners Peter and Roger Tilles marks the start of brand new construction designed to meet the demands of a growing list of prospective tenants who wish to be located at their two corporate parks, Gateway or Crossways International Plaza. The new structure will be named "Gateway 100" in recognition of its roots and its role in strengthening the future of the region's economy.

Building on Spec; Building on Strength

"This $20 million building is being built on 'spec,'" said Peter Tilles. "That is, we are confident enough with the commercial real estate market, the state of the economy, and the existing demand to be at this location that we will finance, build and fill the office building without the need for a major tenant to commit ahead of time to space."

Peter Tilles observed, "If ever there was proof that Long Island's economy continues to rebound following the end of our region's dependence on defense work, this announcement should seal it."

Roger Tilles noted, "We've never had space vacant for more than six or seven months," which put Tilles's occupancy rate at 98 percent for their two major Woodbury office parks. "The demand has consistently outstripped supply and we are moving to address our strength in the market by creating the type of quality space that our tenants have come to expect."

An Environment for Growth

Nassau County Executive Thomas Gulotta said, "By cutting taxes, cutting crime and creating private sector jobs, we are stimulating the local economy. Today's groundbreaking is one further indication that our economy has become diversified and robust. Tilles Companies is backing their expression of confidence in the economic future of Nassau County in a tangible way that will benefit all of our taxpayers."

The wisdom of Tilles' commitment to the region is underscored by industry analysts. In a published story, Newsday's Alan Wax interviewed Frank X. Pagano, Jr., managing director of Corporate National Realty, Inc., who told Wax he predicted a home run for Tilles at the new site.

Roger Tilles observed, "It is interesting to note that while the end of the Cold War shut down a key element of our region's economy, the gap has been filled with a broad range of emerging firms that require an educated, motivated workforce. The consistent first choice for these entrepreneurial companies looking for a corporate home is Crossways and Gateways. It is time we responded to that demand."

Jack Kennedy, president of the Nassau Suffolk Building Trades, said, "When I look at this ground-breaking ceremony, I see jobs, confidence in the economy and new opportunities for our region. The union men and women who will work on this exciting Tilles project represent the reason why Long Island is respected around the world for a work ethic that doesn't quit. We work smarter, better, faster and with enormous pride. This project marks a return of the entrepreneurial spirit to commercial real estate and the ability to house new growth companies."