PLAINVIEW, NY – Long Island’s largest owner of commercial real estate, Rechler Equity Partners, recently signed A&Z Pharmaceutical Inc. to 7,750 square feet of new space at 180 Oser Avenue in Hauppauge, NY. The commitment brings the longstanding tenant’s current space at the property to more than 30,113 square feet out of 61,264 square feet, and more than 100,000 square feet within the Rechler portfolio. The announcement was made by company partners Mitchell and Gregg Mitchell Rechler.
“We are thrilled to continue our relationship with A&Z Pharmaceutical,” said Ted Trias, Director of Acquisitions & Leasing, who represented the ownership of the property in the negotiations. “A&Z has committed millions of dollars in infrastructure at 180 Oser Avenue to support its manufacturing company, which is indicative not only of rapid growth within the healthcare sector but also their deep commitment to the Long Island community.”
Mr. Trias continued, “As one of the first owners to recognize the rapid increase in healthcare and related services companies, we are now uniquely positioned to meet the space requirements of the area’s burgeoning pharmaceutical/medical sector.”
To that end, Rechler Equity Partners signed one of the largest office lease transaction completed in Suffolk County in the first half of the year, a 49,000-square-foot commitment by Catholic Health Services (CHS) at 110 Bi County Boulevard in Farmingdale, NY. In addition to the lease negotiations with CHS, Rechler Equity Partners worked with the Town of Babylon Industrial Development Agency to arrange a strong economic incentives package, which includes a 15-year tax abatement package for the health care services system, helps bring hundreds of jobs to the area and provides the local economy with a major boost.
A&Z Pharmaceutical’s location is within the Hauppauge Industrial Park, where Rechler Equity Partners currently owns over 3.5 million square feet of office, R&D, manufacturing and warehouse space. Originally developed by William Rechler in 1960, the park is the second largest business park in the country today and one of Long Island’s primary business corridors. These properties offer exceptional access to hotels, restaurants and retail, in addition to being strategically situated within minutes of the Long Island Expressway and Northern State Parkway.