A spokesman for Rechler Equity tells GlobeSt.com that the conversion to a direct lease encompasses the entire 98,000-square-foot space that Package All had subleased. The sublessor was Nature's Bounty, a vitamin manufacturer whose parent company, NBTY, is headquartered up the street at 100 Orrville Dr., also a Rechler property. Package All serves the vitamin/nutraceutical industry, as well as the pharmaceutical and health & beauty sectors.
Harry Stavro and Robert Stein of Rechler Equity represented the ownership in lease negotiations. James Dunn of Atlantic Property Services Inc. acted on behalf of Package All.
Built in 2000, 2005 Orville is part of Rechler Equity's 500,000-square-foot development on Orville Drive North. Asking rents here are $8.75 per square foot, according to the Rechler Equity website. The owner-developer recently announced third-quarter leasing across its six-million-square-foot portfolio of office and industrial properties totaled nearly 225,000 square feet. Locally, the biggest new lease was Yale Associates' 23,328-square-foot commitment at 25 Orville Dr.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
