NEW YORK—Catholic Health Services of Long Island (CHS) has signed a 49,000-sq.-ft. lease for office space at Rechler Equity Partners’ 110 Bi County Boulevard in Farmingdale, N.Y. CHS will consolidate several of its locations throughout Suffolk County to it s new space and expand its operations to a portion of the property, which is currently leased to Bed Bath and Beyond.
Colliers International’s Gus Nuzzolese, senior executive director, represented the tenant in the transaction.
“When Bed Bath and 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.”
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.