HAUPPAUGE—Rechler Equity Partners has acquired Standard Microsystems Corporation’s headquarters facility at 80 Arkay Drive in Hauppauge in a sale-leaseback transaction valued at $18 million.
The acquisition and subsequent 120,000-sq.-ft. leaseback to SMSC for a term of 15 years was negotiated by Rechler Equity’s Gregg Rechler, partner, and Ted Trias, director of acquisitions and. CB Richard Ellis’ Robert Godfrey represented SMSC. Rechler Equity’s existing six million-sq.-ft. portfolio features 80,000 sq. ft. of prime office space (divisible into smaller units) for immediate occupancy.
Located in the heart of the Hauppauge Business Park, 80 Arkay Drive is an office property built in 2007 to serve as the headquarters of SMSC. The 200,000-sq.-ft. complex boasts numerous class-A amenities including a conference/training center, full service onsite café, a health club with locker room facilities and 24/7 access and security. The Rechler Equityteam led by Trias, is already experiencing significant levels of interest from a number of office tenants, and hopes to have a large portion of the available space leased over the next few months.
Rechler Equity’s long-term relationship with SMSC (the ownership negotiated a sale-leaseback transaction with the firm 10 years ago) provided them with an understanding of its goals and operations, which will help the global supplier of semiconductor solutions to consolidate its operations at the property under more efficient and economic terms.