Rechler Adds Standard Microsystems HQ to Portfolio

HAUPPAUGE, NY-Rechler Equity Partners has closed on a sale-leaseback deal valued at $18 million for Standard Microsystems Corp.’s headquarters at 80 Arkay Dr. in the Hauppauge Business Park here. SMSC has leased 120,000 square feet at 80 Arkay for 15 years; the deal adds a total of 200,000 square feet to Rechler’s existing six-million-square-foot office and industrial portfolio.

In a statement, Rechler partner Gregg Rechler says the sale-leaseback “provided us with a great opportunity to capitalize on current market fundamentals and acquire an outstanding office property situated in one of the country’s premier business parks. Our long-term view of this acquisition is extremely positive given that we have a long-standing, high-quality net-leased tenant in place, as well as class-A office space ready for occupancy.” The SMSC lease means there’s 80,000 square feet of office to fill, and Rechler says in a release that it can be divided into smaller units.