Rechler Equity Partners, the largest owner of commercial real estate on Long Island, has announced that Fonar Corporation, the world’s leading developer and manufacturer of MRI scanners, has signed an 11-year, 78,240 s/f lease renewal at 110 Marcus Drive in Melville, NY.
The announcement was made by Rechler Equity Partners’ Mitchell and Gregg Rechler.
Fonar Corporation revolutionized diagnostic imaging in 1980 through the introduction of the world’s first commercial MRI scanner and soon after moved to 110 Marcus Drive.
One of Rechler Equity Partners’ premier hybrid buildings, the property offers Fonar research, fabrication, manufacturing, and warehouse capabilities along with office space and a diagnostic imaging center.
Fonar had been looking to relocate due to tax burdens, but was able to remain at the Rechler Equity property after the Suffolk County Industrial Development Agency granted the company property tax incentives for the next decade.
“We have been honored to count Fonar as a tenant at 110 Marcus Drive for 35 years and are thrilled that this major employer will remain on Long Island and with Rechler Equity Partners for at least another 11 years,” remarked Mitchell Rechler.
As part of the 11-year lease renewal, Rechler Equity will oversee a series of significant capital improvements at 110 Marcus Drive. Rechler Equity Partners Director of Acquisitions & Leasing Ted Trias negotiated the lease renewal on behalf of the company, while Howard Nemshin, a partner at Atlantic Property Services, LLC, represented the tenant.
