Catholic Health Services of Long Island (CHS) has committed to nearly 49,000 s/f of office space at Rechler Equity Partners’ 110 Bi County Boulevard in Farmingdale, NY.
The complex real estate transaction allows CHS to consolidate a number of its locations throughout Suffolk County and expand its operations within a portion of the 113,000 s/f facility currently leased to Bed Bath & Beyond.
“When Bed Bath & Beyond announced they will be relocating their entire operations to New Jersey, the retailer approached us to assist them in finding replacement tenant(s) for their lease that expires in 2014,” said Ted Trias of Rechler Equity, who represented the ownership of the property in the negotiations.
“We were able to work closely with the brokerage community to attract CHS to the space. More importantly, this deal brings hundreds of jobs back to the area and provides the local economy with a boost.”
In addition to the lease negotiations with Gus Nuzzolese, senior executive director of Colliers International LI, Inc., who represented CHS in the transaction, Rechler Equity Partners worked with the Town of Babylon Industrial Development Agency to arrange an economic incentives package, which includes a 15 year tax abatement for the health care services system.
Simultaneously, the ownership was able to terminate a portion of the lease held by Bed Bath & Beyond.
According to Trias, “The lease by Catholic Health Services of Long Island further underscores the extensive growth of the healthcare sector in this region and emphasizes our commitment to providing long-term solutions for the area’s burgeoning medical community.”