Listen to this articleThree long-term leases totaling 163,000 square feet have been signed recently at 2 Corporate Center Drive in Melville.
The leases signed within the last few months bring the occupancy of the office building to 94 percent, according to Phil D’Avanzo of Cushman & Wakefield, who represents the property’s ownership Princeton International Properties.
The most recent lease, signed this spring, was with national lender East Coast Capital, which took 20,000 square feet. Earlier this year, Resideo Technologies, Inc., a publicly traded company that offers home automation solutions, signed a renewal for 100,000 square feet and beauty products maker Estee Lauder leased 43,000 square feet at the Melville property.
“We are thrilled to welcome Estee Lauder and East Coast Capital to 2 Corporate Center, where they join a strong tenant roster and will benefit from the property’s great accessibility and capital improvement program that is currently underway,” D’Avanzo said in a C&W statement. “We are also delighted to continue our valued relationship with Resideo. These transactions represent two of the largest office leases on Long Island in recent memory and we are proud that these three tenants selected 2 Corporate Center Drive as their long-term workspace. Executing these transactions in less than favorable market conditions, bringing 2 Corporate’s occupancy level to 94 percent, is a testament to ownership’s commitment to the asset and the extraordinary value proposition that the building represents.”
Princeton International Properties purchased the 291,230-square-foot office building on 18 acres at 2 Corporate Center Drive for about $23 million in 2021, when it was about 80 percent occupied. Since then, the company has invested more than $5 million on extensive renovations, including a new lobby, a renovated full-service cafeteria with outdoor seating, new bathrooms and common areas and HVAC upgrades with advanced air filtration.
“We are pleased to welcome these well-respected tenants to the property and to continue partnering with Resideo,” David Tawfik, president of Princeton International Properties, said in the statement. “The decision by each firm to maintain a presence at 2 Corporate Center represents a significant investment in the region’s economic vitality, underscoring the appeal of Melville as a thriving hub for corporate growth and innovation.”
Founded in 1978, Princeton International’s portfolio mostly consists of Manhattan office properties. However, it also owns three office assets on Long Island, including the 73,000-square-foot office building at 366 North Broadway in Jericho and the 43,000-square-foot office building down the road at 380 North Broadway. The company also owns the 120,000-square-foot office building at 666 Old Country Road in Garden City.
Jeff Nemshin of Paragon Group represented Estee Lauder and Harris Rousso of Real Estate Strategies represented East Coast Capital, while D’Avanzo represented ownership in the Melville lease transactions.