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FEATURE ARTICLE, MAY 2005
SUBURBAN OFFICE DEVELOPMENT SPOTLIGHT
Reckson Executive Park
Melville, Long Island, New York
Reckson Associates Realty Corp. is underway on a Class A speculative office building, the final phase in Reckson Executive Park in Melville, Long Island. Reckson Executive Park is the largest suburban speculative office development in the Tri-State area, with 554,000 square feet of Class A office space in two buildings. The final phase consists of a 277,000-square-foot building at 68 South Service Rd. Slated for completion in fall 2005, 68 South Service Rd. began construction in September 2004. A topping-off ceremony to announce the completion of steel was held in January 2005. Costs for the final phase are projected to be $60 million.
“ We’re right on schedule with the construction of 68 South Service Rd.,” says Scott Rechler, president and CEO of Reckson Associates. “This new spec office building will continue the outstanding legacy of exceptional design, high-end amenities and quality finishes at Reckson Executive Park. We have already received substantial interest from companies looking to join the exclusive roster of tenants already located at the park.”
Both buildings in the 33.5-acre park feature a granite and glass facade. Amenities include 24/7 access, concierge service, a high-tech conference/training facility, a cafe, a full-service health club, indoor excutive parking garage, an auditorium, and nearby shopping, restaurants and hotels.
Located at the gateway of Nassau and Suffolk counties between exits 48 and 49 on the South Service Road exit of the Long Island Expressway, Reckson Executive Park has exceptional visibility as well as immediate access to all major roadways.
“This spec office building reflects the confidence Reckson has in the Long Island economy and commercial real estate market,” says Kenneth Bauer, senior vice president with Reckson.
Riverwalk
Norwalk, Connecticut
Located on West Avenue in Norwalk, Conn., the Riverwalk development will comprise four or five buildings once completed, depending on the needs of future tenants. The 1.15 million-square-foot complex will be leased and construction could be completed on the space around 24 months after leases are signed. With excellent visibility and access to major highways and roadways such as Interstate 95, Merritt Parkway and Route 7, the complex will feature a broad range of amenities, including a cafeteria and fitness center. Fronting the Norwalk River, Riverwalk will also offer the possibility of signage or signature building options. Tishman Construction is the general contractor for the four phases of the development, which was designed by
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A rendering displaying an aerial view of Riverwalk.
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Fox + Fowle Architects and developed by Fred F. French Investing LLC. The development is convenient to the Metro-North train and the historic South Norwalk area, with restaurants, shopping and entertainment within walking distance in addition to a shuttle to the South Norwalk train station. CB Richard Ellis, which is charged with leasing the property, expects to attract financial services firms as well as professional firms. “Municipal funds have been committed to improving transportation infrastructure, and a surge in demand for Norwalk office locations has driven the development of this project,” says Tom Pajolek, senior vice president with CB Richard Ellis. “The market for suburban office projects in the Northeast is growing stronger as the economy improves and companies become more financially confident.”
40 Marcus Drive
Melville, Long Island, New York
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Rendering of the exterior of 40 Marcus Drive.
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A new office building on Long Island in Melville, N.Y., is nearing completion and is expected to be ready for occupancy at the end of the month. The project was developed by 50 Republic Road LLC and marketed by the Long Island office of CB Richard Ellis (CBRE). Asking rents for the building are $22 per square foot.
The three-story office building totals 50,000 square feet and is located at the corner of Marcus Drive and Republic Road just one block off of Route 110, which gives tenants easy access to the Long Island Expressway. Amenities include covered parking, signage, a bank drive-thru opportunity and individually controlled energy management systems.
“40 Marcus Drive offers a rare opportunity to tenants looking for newly constructed, state-of-the-art space in the heart of Melville,” says CBRE’s Robery Godfrey, in charge of leasing the building along with David Godfrey. “This building is ideal for an expanding office user to get into a brand-new Class A building at an extraordinary rental value of at least 20 percent below comparable product.”
Parsipanny Commons
Parsippany, New Jersey
Parsippany Commons, a 56,000-square-foot office building in Parsippany, N.J., is expected to complete extensive renovations this spring. It is being developed by Hillsborough, N.J.-based Larken Associates
Parsippany Commons is located along Route 46 in Morris County and features two stories of medical, dental and professional suites ranging in size from 1,500 square feet to more than 14,000 square feet. According to Victor Kelly, vice president with Larken Associates, steady demand for new professional office space in the 1,500- to 5,000-square-foot range drove the complete renovation of this project. Other drivers include location. “Parsippany is a great growth market,” says Kelly. “It is in the heart of Morris County, one of New Jersey’s business epicenters, with a location near several transportation outlets.”
Situated on approximately 3.5 acres in close proximity to major transportation outlets, the L-shaped building has covered parking available on the lower level with elevator access to all floors, a rear loading dock and high-speed Internet access.
Development in the Northeast is strengthening, according to Kelly. “The strengthening is due to the rapid expansion of residential development in the Northeast, as well as increases in job growth and improving market fundamentals.”
Leasing in the center has progressed rapidly, with Sports Care Institute and the law offices of Robert Vinci having already signed leases. Developer Larken Associates also served as general contractor, with Cerminara Architect providing tenant fit-out architectural services.
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