With the transaction, the company will be moving its corporate headquarters operation here from its current location in Orangeburg, NY. Tim Greiner, the vice president of leasing for Gale, negotiated the lease on behalf of the owner.
The signing actually involves a direct lease piggybacked on top of a sublease with Toys 'R' Us. The sublease, whose terms company officials describe as "very favorable," runs through February 2006. The direct lease with the Gale Co. picks up for a five-year term at that point. Further details of the transaction have not been disclosed.
"The building's prior tenant, Toys 'R' Us, did a five-year lease with us in 2001, after we acquired the building," according to a spokesperson for the Gale Co.
Pentax Precision Instrument Corp., a wholly owned subsidiary of the Japan-based Pentax Corp., makes and sells a variety of optic devices for medical use. Founded back in 1919 as the Asahi Optical Joint Stock Co. and re-established as the Pentax Corp. in the late 1930s, Pentax originally dealt solely with cameras and camera equipment. Since then, the company has expanded and now has a total of 16 subsidiaries in the photographic, information technology, medical technology, computer systems and ophthalmic technology fields.
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