X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WOODBURY, NY-The second phase of Lalezarian Properties’ newly developed office complex known as the Granite Buildings in Lake Success, continues to attract multiple tenants due to a successful “preleasing” campaign spearheaded by the Long Island office of CB Richard Ellis. Two new tenants sign long-term leases for a total of almost 50,000 sf as a result.

Queens-Long Island Medical Group PC has committed to a 20-year, 32,000-sf lease within the 300,000-plus-sf class A complex. In addition, Reunion Newco has signed a long-term 15,000-sf lease. Both tenants plan to occupy the property by early 2008, when Phase II will be completed.

A source close to the deal tells GlobeSt.com that the terms of the lease could not be disclosed. They did say that overall average rental rates for a class A property here according to Q3 reports are $31.79 per sf.

The CBRE team of Larry Weiss, Marty Lomazow, Roy Chipkin, Richard Karson and David Shaoulpour oversee the leasing at Phase II on behalf of the ownership, Lalezarian Properties. Queens-Long Island Medical Group was represented by Gail Roseman of Sholom & Zuckerbrot Realty LLC while Robert Kuppersmith of Cushman and Wakefield handled the transaction on behalf of Reunion Newco.

The two new tenants will join other tenants including Coby Electronics at Phase II of the Granite Buildings, bringing Phase II to 50% leased. The manufacturer of quality consumer electronics products committed to a 20,000-sf lease this past summer. North Fork Bank, North Shore Long Island Jewish Health Systems and Sumitomo Corp. of America are among the tenants that occupy space in its sister-property–Phase I–which was completed in 2005 and is currently 100% leased.

“Since construction began, the project has caused a flurry of excitement in the market,” Weiss notes. “The Granite Buildings stand out among other western Nassau County buildings as the truest example of a class A property. This property has it all–ideal location, superior construction and an excellent package of amenities–making it the choice property on Long Island.”

Located at 1991 Marcus Ave., the Granite Buildings are less than one-quarter mile from the Long Island Expressway and Northern State Pkwy. and are under one-half mile from Queens County. Among its many amenities, the complex features a 60-foot-high atrium, high quality finishes, an onsite cafe and banking services, as well as three levels of covered parking offering a generous ratio of more than five spaces per 1,000 sf of office space.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.