News
LONG AND STRONG ISLAND
March 28, 2011
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| Long Island's office and industrial markets are showing signs of lifeagain, we learned Thursday when we met with JLL's Douglas Omstrom, Reid Berch, Marianne Dugan, Ray Ruiz, and Thomas DiMicelli in the firm's Melville offices. The office team, led by Ray and Marianne, is currently on the ground with 2.5M SF of agency leasing assignments, including Muss Development's Forest Hills Tower in Queens where they're marketing (along with JLL’s Kenneth Siegeland William Korchak) 250k SF that JetBlue will leave vacant in '12. Sublease space has been absorbed, they say, and we're seeing moredirect deals again. Rents remain stable and investors are once again entering the market. |
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| The team was behind TRITEC's sale of the 204k SF 102 Motor Pkwyin Hauppauge to Teachers Federal Credit Union, LI’s largest user sale in '10. And JLL made its own play recently, doubling its office size with 5,500 SF at Melville Corporate Center III, where it’s moving in April. This supports the year-old office's growth initiative as it begins hiring more professionals throughout other service lines, Ray says. Its newest hires are Reid, Thomas, and Douglas, who joined last month with colleagues Joseph Lagano II and Rosa Buckley as the LI industrial team. They have 2.1M SF of leasing and sales assignments, including AMB Property Corp's 1.5M SF portfolio in the JFK Airport submarket. Space is moving in the sector again, and although owners are still being conservative in pricing (gross rents: Suffolk, $7/SF; Nassau, $9/SF; Queens, $12 to $15/SF; JFK, $14 to $24/SF) expect more negotiations in the near future, they say. |
