According to James L. Frank, senior managing director of Insignia/ESG's New Jersey office, a string of acquisitions by Hain Celestial dating back to 1995 that took the firm "from a $50-million business to a $500-million business," spurred the expansion. The move is targeted for mid-October.
Frank, along with Martin Lomazow, senior managing director of the Insignia/ESG's Long Island office, represented Hain in the transaction. Reckson was self-represented through Joseph Cardi.
According to Lomazow, Hain paid "south of" Reckson's $32-sf asking price. (According to a Cushman & Wakefield spokesperson, who is not involved in the deal, the average price for Long Island class A office space is roughly $30 sf.) Lomazow called the Reckson property "the uppermost end of the market in Melville. There's nothing else comparable to this here."
The Hain offices will be located in a 277,000-sf granite-and-glass building that represents phase one of the two-phase, 33.5-acre Reckson Executive Park project
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