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Leasing heats up in Rockland.

Leasing heats up in Rockland

Leasing activity is heading upward for brokers marketing space in Rockland County, according to real estate professionals at CB Commercial's White Plains/Stamford office. The firm has tallied up more than 100,000 square feet in leases in Rockland County recently, an increase First Vice President Frank Tomasulo calls the up side of a down market.

"Most of these firms needed to expand or to move, and if the space had not been available in Rockland, they might well have gone elsewhere," commented Tomasulo. "It's the plus side to a difficult market. The boom in building that took place just before changes in economic indicators left us with a surplus of inventory: The benefit is that when a firm needs space, we can move to meet the need quickly."

Among the outstanding deals, Allstate Insurance Group has leased 44,475 square feet at Blue Hill Plaza in Pearl River, in an expansion move. Allstate first located a new regional office at Blue Hill Plaza in 1987, in a deal negotiated by Frank Tomasulo, who again represented the firm in its 1991 lease.

Also in Pearl River, Colleen Quinn has leased 12,000 square feet to Walgreen's for a new retail operation on North Middletown Road. "There are excellent opportunities in the marketplace for tenants with a strong financial backing," commented Quinn on the 50-year lease.

In West Nyack activity has been equally impressive at a 190,000 square foot industrial building on Route 59, where Prentice Hall has leased 41,196 square feet for a warehousing/ distribution center. Frank Tomasulo was joined by Chris Marks of CB Commercial's Hackensack, New Jersey office, in negotiating the deal.

And at The Office Center at Montebello, CB Commercial's newest exclusive property in Rockland County, two new leases were announced at a broker's open house held in late September. Ferring Labs has leased 5,000 square feet, and engineering specialists HNTB leased 3,300 square feet at The Office Center, where a new leasing team and new building features are working to increase interest in the property, according to brokers.

Excellent lease packages are currently available in the market, although with no new construction on the horizon, vacancy rates will continue to drop and available space may become more difficult to locate.
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Title Annotation:Review & Forecast Section III; Rockland County, New York
Publication:Real Estate Weekly
Date:Jan 29, 1992
Words:383
Previous Article:Recession will keep rental market strong.
Next Article:Strong mortgage brokers can make difference today.
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