Treeline News | January 30, 2009 | Law Firm Renews 44,000-SF LI Space

January 30, 2009

Law Firm Renews 44,000-SF LI Space

by Paul Bubny

GARDEN CITY, NY-Law firm Berkman, Henoch, Peterson & Peddy, P.C., a 10-year tenant at Treeline Properties’ 100 Garden City Plaza, has opted for 10 more. The firm has renewed its lease for the third and most of the second floors at the five-story office property; at 44,000 square feet, it’s the largest tenant in the four-building Garden City Plaza complex.

A spokesman for CB Richard Ellis, whose Long Island office arranged the lease, tells GlobeSt.com Berkman

Henoch considered properties in the surrounding markets of eastern Nassau County before deciding to stay in place. "The right answer was to continue a positive, long-term relationship with the property," says CBRE’s Philip Heilpern in a release. "It was a terrific business deal, one that met our client’s objectives. Moreover, we were able to negotiate attractive economics that are in line with current market dynamics."

By remaining in its present location, the law firm was able to avoid the cost of relocating while performing interior improvements to accommodate personnel at the 100 Garden City space, the CBRE spokesman says. The same CBRE team--Heilpern, Richard Karson and Martin Lomazow--had arranged the lease
when Berkman Henoch moved into the space in 1999. Treeline was represented in-house in negotiations.

The 131,000-square-foot 100 Garden City Plaza is one of three neighboring buildings originally built in 1969 and purchased by Treeline from Garden City Plaza Associates for $43.4 million in 2001. All told, 100, 200 and 300 Garden City Plaza, which Treeline renovated after buying them, contain more than 400,000 square feet of office space. A fourth building, the 180,000-square-foot 400 Garden City Plaza, was constructed in the late 1980s; Treeline bought that property from Reckson Associates for $30 million in 2004.

Asking rents at 100 Garden City Plaza are $29 per square foot. Other tenants in the building include Visiting Nurses of LI, Rosenberg Calica and Birney and defense contractor Norcatec.