New York, NY (PRWEB) February 4, 2010
2009 was a very active year for Rechler Equity Partners, Long Island’s largest owner of commercial real estate. The firm not only celebrated its 50th anniversary this past year, but did so in style as it signed 45 leases totaling one million square feet throughout its six-million-square-foot portfolio. More than 55 percent of the total leasing activity consisted of tenants committing to new space in the market and approximately 45 percent of companies renewing, or expanding their existing operations.
“Given the challenging national economic environment, reaching the one million-square-foot mark is something we are very proud of accomplishing in 2009,” said Mitchell Rechler, partner of Rechler Equity Partners. “While the commercial office sector is still in recovery mode, industrial space on Long Island continued to command the attention of major companies.”
While large new leases and major renewals characterized the majority of the activity during 2009, a 7,500-square-foot lease by a manufacturer of projector lamps at 50 Orville Drive in Bohemia, NY was the deal that pushed the total activity to the one-million-square-foot mark. “Over the past year we worked closely with some of the industry’s best real estate brokerage companies, as well as many of our existing tenants, in negotiating these lease transactions,” added Mr. Rechler. “We want to thank everyone involved in reaching the one-million-square-foot milestone.”
The year’s largest new lease was a 98,000-square-foot commitment at 2005 Orville Drive in Ronkonkoma, NY by Package All Corp. The international company providing the pharmaceutical, nutraceutical and health & beauty industries with pioneering inventory solutions in packaging and distribution, houses its northeast distribution center within the 130,000-square-foot property.
Sage Parts’ lease at 30 Hub Drive was the second largest transaction signed by Rechler Equity Partners in 2009. The world's foremost supplier of replacement parts for aircraft ground support equipment, Sage took nearly 54,000 square of space in the property located in Melville, NY.
On the renewal front, Aeroflex Incorporated, a leader in the design and development of wide band, fast switching signal generators and measurement systems, signed a long-term lease extension for 50,489 square feet of space at 350 Kennedy Drive in Hauppauge Industrial Park.
Other noteworthy renewals included: Austin Travel’s 20,000-square-foot lease at 265 Spagnoli Road in Melville, NY; a 14,750-square-foot deal by Breigs Rental at 410 Motor Parkway in Hauppauge, NY; and an 11,676-square-foot commitment by Young Equipment at 325 Rabro Drive in Hauppauge.
About Rechler Equity Partners
Developing Long Island for more than 50 years, Rechler Equity Partners is the largest owners of commercial real estate with a portfolio of assets totaling over six million square feet. Rechler Equity offers a wide range of services including leasing, property management, asset management, architecture, construction, environmental, finance and development. For more information please visit, http://www.rechlerequity.com.