X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BETHPAGE, NY-Briarcliffe College and Northrop Grumman Systems have inked sizable renewals at 1055 Stewart Ave. here, with the two deals totaling more than 210,000 square feet. The college, a 15-year tenant, is staying in its 116,500-square-foot space, while Northrop Grumman’s engineering and development division, which has been in the building for 10 years, has renewed for 94,128 square feet.

Terms were not disclosed; the renewals came with deep discounts, according to published reports. “There was considerable competition from other office buildings to lure these important tenants away,” says Sanford Zuckerbrot, chairman of Sholom & Zuckerbrot Realty, which acted on behalf of landlord Tilles & Zuckerbrot, in a release. However, he adds that the tenants ultimately decided that “both the building and Bethpage are hard to beat.”

Frank Zuckerbot, president of S&Z, notes in a release that Bethpage is a vibrant office market, with headquarters for Cablevision, mattress retailer Sleepy’s, Bethpage Federal Credit Union and supermarket chain King Kullen all located nearby. “And the area is poised for continued growth,” he says. “It was heavily dominated by Grumman for decades, but it has diversified greatly during the past 15 years.”

The Tilles & Zuckerbrot partnership, which also includes Peter Tilles and Lawrence Smith, acquired 1055 Stewart two years ago for $27.5 million. The property was originally developed by Grumman, and its current owners have the as-of-right opportunity to build another 90,000 square feet on the 17.5-acre site.

Tilles says in a release that such a project “is under serious consideration by us now, with the option to build-to-suit.” The existing building still has 20,000 square feet available for lease on the second floor. In both renewals, the tenants were represented by Philip Heilpern, an SVP with the Woodbury, NY office of CB Richard Ellis.

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
  • 1 free article* every 30 days across the ALM subscription network
  • 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 © 2021 ALM Media Properties, LLC. All Rights Reserved.