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Success for CBRE as group inks 77,000 s/f renewal.

The first tenant to sign a lease at 1979 Marcus Avenue when the property was built in 1988 has recommitted to the building for an additional 11 years. Island Peer Review Organization (IPRO) has renewed its 77,301-square-foot lease at the Lake Success property.

The Long Island CB Richard Ellis team of Robert A. Seidenberg and Ralph C. Guiffre, who serve as the property's exclusive leasing agents, negotiated the lease renewal on behalf of the ownership, 1979 Marcus LLC.

Joe Zahn of The Corp USA Companies, acted for IPRO.

"This transaction is a testament to the property's desirability and ownership's commitment to tenant services and retention," said Mr. Seidenberg.

"An original tenant since the property's completion in 1988, IPRO has combined innovation and high technology to become one of the most respected names in the medical arena.

"We are thrilled the company decided to renew its commitment at 1979 Marcus Avenue and look forward to providing the high-caliber of service the property is known for." IPRO will continue to house its corporate offices at the property, a 350,000-square-foot, four-story, suburban Class A office building located in Western Nassau County.

The property is less than one mile from two major arteries--the Long Island Expressway and Northern State Parkway.

Among its numerous amenities, 1979 Marcus Avenue boasts an attractive reflective glass facade and spacious lobby, a cafe and fitness center, concierge service as well as covered parking and full time on-site management.

With 20 years experience in health care quality evaluation, IPRO holds major contracts with state and federal governments to review the cost and quality of services provided to Medicaid recipients, Medicare beneficiaries, and patients enrolled in managed care organizations.
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Article Details
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Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Mar 9, 2005
Previous Article:Site sells for $9.5m.
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