GARDEN CITY, NY (PRWEB) May 19, 2006
Lifetime Brands, Inc., a leading designer, developer and marketer of a broad range of nationally branded consumer products used in the home and one of Long Island's Top100 companies, has signed a 15-year lease for 114, 474 square feet of space in the Business and Research Center at Garden City, making it the first and largest tenant in the distinctive mixed-used redevelopment that formerly served as a Bristol Myers-Squibb Pharma complex.
The lease signing was announced today by Joseph A. Farkas, president of Metropolitan Realty Associates and owner of the building, at a press conference held at 1000 Stewart Ave. Among those attending were: Ronald Shiftan, Vice Chairman and Chief Operating Officer of Lifetime Brands; Kate Murray, Hempstead Town Supervisor; Edward Ambrosino, Hempstead Town Council Member;, and Fred Parola, Executive Director of the Hempstead Industrial Development Agency.
Westbury-based Lifetime will use the space for its executive offices, research and development center, warehouse and showrooms.. Lifetime Brands will be prominently featured on the building’s facade. Occupancy is projected for December 2006
The property is owned by Garden City, NY-based Metropolitan Realty Associates and its New York City-based equity partner, Angelo, Gordon & Co. “It has been my vision to take this unique industrial facility and, through adaptive re-use, turn it into a modern multi-use building,” Farkas said. “Lifetime Brands’ decision to lease significant space in the building confirms our initial belief to create this unique concept in Nassau County. We are pleased to have them on board.”
The Lifetime transaction accounts for most of the available space at The Business and Research Center. The property contains two buildings totaling 186.500 square feet on 7.55 acres of land. The former research building at 500 Endo Blvd. includes 25,000 square feet and is being converted to professional/medical office space.
“We are excited to come on board during the rebirth of these landmark buildings,” said Shiftan. “Moving our headquarters to The Business and Research Center at Garden City allows us to continue on our path for long-term strategic growth. This move not only solidifies our commitment to continued expansion in our industry, but also to our deep roots in the Long Island community,” Shiftan added.
Taxes at the Business and Research Center are just $2.41 per square foot as a result of a- payment-in-lieu-of-taxes (PILOT) agreement that Metropolitan negotiated last year with the Town of Hempstead Industrial Development Agency. “The vision of Kate Murray and the IDA to bestow these benefits on this important project show their proactive approach to creating and maintaining jobs for the Town of Hempstead and Nassau County,” Farkas said.
“The Town of Hempstead is extremely proud that Lifetime Brands has chosen to relocate within our thriving and prosperous business community,” said Murray. “From its new headquarters on Stewart Avenue in Garden City, Lifetime Brands will triple the size of operations and revitalize existing laboratory and warehouse space. The company’s commitment to Hempstead Town demonstrates a corporate confidence exhibited by businesses large and small that are building a bright future within our township. The town is always delighted to work hand-in-hand with a commercial enterprise in order to make our municipality an even better place to relocate and grow a business.”
“I want to thank Joe Farkas for working hard to bring business into our community,” said Ambrosino.
“The IDA is extremely pleased that it could provide benefits and be part of this innovative project that will retool this marvelous building for a new future,” said Parola.
Douglas Omstrom and Thomas DiMicelli of Corporate National Realty LLC of Woodbury, NY, are the exclusive leasing agents for the two buildings. Lifetime was represented in the transaction by Richard Karson, Martin Lomazow and Phil Heilpern of CB Richard Ellis.
“It’s always nice to see a company not only recommit to Long Island, but to nearly triple in size,” said Lomazow, senior vice president in the Woodbury, NY, office of CBRE.
“It’s terrific that a publicly traded company came to the building and saw the potential that we saw in this building,” said Omstrom. “It’s an architecturally significant building. It’s not your typical office building on Long Island.”
The former pharmaceutical manufacturing complex, designed in the 1960s by the world famous architect, Paul Rudolph, was acquired in August 2005, by Metropolitan and Angelo Gordon. The building originally served as the world headquarters, laboratory and manufacturing plant of Endo Laboratories. After Endo was sold in 1969 to E.I. du Pont de Nemours and Co., the building was used as a pharmaceutical plant by a succession of companies that included DuPont Pharmaceuticals and Bristol-Myers Squibb. The building never previously has been available for lease to a variety of tenants.
Lifetime currently has its offices and a showroom in 47,000 square feet at One Merrick Ave., which it owns. The move to 1000 Stewart Avenue will not affect the Company’s current distribution facilities or warehouses.
Lifetime Brands, Inc. is a leading designer, marketer and distributor of kitchenware, cutlery and cutting boards, bakeware and cookware, pantryware and spices, tabletop, home decor, picture frames and bath accessories, marketing its products under various trade names, including Farberware(R), KitchenAid(R), Pfaltzgraff(R), Calvin Klein(R), Cuisinart(R), Hoffritz(R), Sabatier(R), Nautica(R), Joseph Abboud Environments(R), Roshco(R), Baker's Advantage(R), Kamenstein(R), CasaModa(TM), :USE(R), Pedrini(R), International(R), Towle(R), Tuttle(R), Wallace(R) Melannco(R), Rochard(R) and Kenneth Cole Reaction(R). Lifetime's products are distributed through almost every major retailer in the United States. Its shares of common stock are traded on the NASDAQ Stock Market under the symbol LCUT.