Albert D. Phelps, Inc., the managing and leasing agent for the 1.4-million-sf six-building complex, announced the deals with General Electric Consumer Finance, Eastman Kodak and Siemens. Merritt 7 Venture, LLC, a joint venture between New York State Teachers' Retirement System, and Fairfield Investors Inc., own the property.
General Electric Commercial Finance extended its lease for a total of 348,907 sf between buildings 201 and 401 at the park. Included is a 7,627-sf expansion for a seven-year term, bringing GE to full occupancy in Building 201 with 240,737 sf, and a 108,170-sf lease extension in Building 401. The landlord relocated the Merritt 7 fitness center and conference facility from Building 201 to 301 in connection with the transactions.
Eastman Kodak signed a lease renewal for 48,756 sf in building 401, Albert D. Phelps officials say. The building owner restructured the company's lease prior to the end of the previous term, took back space on the fourth floor and the plaza level, and forfeited any early termination penalties or buyout payments as part of the firm's new lease commitment.
Paul M. Jacobs, executive vice president of CB Richard Ellis and the broker who represented Kodak, says the Rochester, NY-based company conducted an extensive review of the market and explored various site alternatives. "Kodak decided that it was in its best interest to remain in Merritt 7 due to its central location and first class amenity package," he says. "We were extremely satisfied with the landlord's flexibility and willingness to accommodate Kodak's lease requirement."
Albert D. Phelps also reported that Siemens signed a lease renewal for 17,278 sf of space in Building 101 at Merritt 7.
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