Listen to this articleThe Long Island Board of Realtors (LIBOR), which has been headquartered in West Babylon for nearly half a century, will soon move to new offices in Melville.
LIBOR has signed a 15-year lease for 24,585 square feet of office space on the third floor of 1305 Walt Whitman Road, where it expects to relocate this summer.
LIBOR has occupied about 25,000 square feet of office space in two West Babylon buildings. It’s had offices at 300 Sunrise Highway since 1978 and at 346 Sunrise Highway since 1987.
“As we began our search for a new corporate office on Long Island, 1305 Walt Whitman Road quickly emerged as the ideal choice. The property offers an expansive, modern space that provides the room we need as an organization to continue growing and evolving,” Doreen Spagnuolo, CEO of Long Island Board of Realtors, said in a written statement. “We are excited to make 1305 our long-term home in a state-of-the-art facility that will not only foster innovation, collaboration, and future success but also provide our members with a space they can be proud to call their own.”
The three-story, 165,310-square-foot Class-A office building at 1305 Walt Whitman Road sits across from the Marriott Melville Long Island Hotel and is in close proximity to the Northern State Parkway and Long Island Expressway. The property is owned by the Feil Organization, which acquired it in 2015 for about $30 million. Besides the new lease for LIBOR, existing tenant Medigap Life LLC relocated within the building to a 6,735-square-foot space on the third floor and extended its lease long-term.
“It’s exciting to kick off the year with a new lease and expansion at 1305 Walt Whitman Road, further reinforcing the property’s preeminence in the Long Island office sector,” Andrew Wiener, head of commercial leasing for the Feil Organization, said in the statement. “These leases reflect Feil’s dedication to providing customized spaces that align with market demands and position our tenants for long-term success. With our strong financial backing, we can quickly fund and execute deals, resulting in mutually beneficial solutions that address current and future market needs.”
With nearly 30,000 members, including about 10,500 in Nassau County and about 8,000 in Suffolk County, LIBOR is the largest real estate trade association in New York State. Founded in 1910, LIBOR provides its members with a host of services, featuring education and training, professional resources, legal assistance, access to OneKey MLS and more. The organization also advocates for home ownership and supports communities through partnerships with several nonprofits, such as Habitat for Humanity of Long Island, Rebuilding Together, City Harvest, Island Harvest, Long Island Coalition for the Homeless and more.
Tim Parlante, director of leasing for the Feil Organization, said ownership is thrilled to expand its relationship with an existing tenant and welcome a prestigious new tenant at the Melville property.
“These significant, long-term leases build on our long-standing legacy with this premier property and Feil’s commitment to attentive ownership,” Parlante said in the statement. “We are excited to continue cultivating this dynamic property and contributing to the success of the businesses that choose 1305 Walt Whitman Road as their home.”
Harvey Kolin of Corporate Commercial Realty represented LIBOR, while Parlante and Weiner served as in-house representatives for landlord Feil Organization in the Melville lease transaction.