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First tenant signs up at new look tower.

Albanese Organization and Castagna Realty announced that L'Abbate, Balkan, Colavita & Contini LLP has signed a 15-year lease for 49,000 s/f at 1001 Franklin Avenue in Garden City, becoming the first tenant of the soon-to-be re-opened office building.

The law firm will take occupancy of the entire 39,000-sq. ft. third floor and part of the lower level beginning September 1, following completion of the gut renovation of the building now underway. L'Abbate Balkan was represented in the transaction by CB Richard Ellis' Thomas Kaufman, Theodore P. Sasso Jr. and Edward Fitzsimons, all Senior Vice Presidents, while Russell Matthews acted in-house for ownership.

Located at the northeast corner of Tenth Street, 1001 Franklin Avenue is the largest commercial building on Franklin Avenue and is distinguished by a large plaza that will feature prominently in the redesign. Major alterations are in progress for the 115,000 s/f, three-story building, which will establish it as Long Island's first "green," or environmentally engineered, commercial building.

The redevelopment of 1001 Franklin represents the sixth such project along Franklin Avenue by the Albanese/Castagna team, having spearheaded the revitalization of Franklin Avenue with the redevelopment in 1998 of 855 Franklin, where major tenants include Smith Barney, Commerce Bank and New York Sports Club. Drawing from AO's experience constructing the country's first green residential tower, located in Manhattan's Battery Park City, 1001 will be retrofitted with a number of environmentally advanced features.

These will include energy-efficient HVAC systems, the utilization of materials with no or low volatile organic compounds (VOC's), and a state-of-the-art air filtration system, among others. Provisions for enhanced Indoor Air Quality (IAQ), a proven benefit to occupant health, comfort and worker productivity, will rank 1001 Franklin Avenue among the most advanced office buildings in the U.S. L'Abbate Balkan will make the move from 1050 Franklin Avenue, an Albanese-owned building that serves as its corporate headquarters.

"We have been a tenant of the Albanese Organization since 1986 and we are very pleased to reach an agreement to continue the relationship," said Jane Myers, Esq., who leads the Real Estate practice group at L'Abbate Balkan.
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Title Annotation:L'Abbate, Balkin, Colavita and Contini
Publication:Real Estate Weekly
Geographic Code:1USA
Date:Feb 16, 2005
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