Rechler Tapped to Build, Manage 485,000SF Long Island Biz Park
- Sep 12, 2008
Officials of Long Island’s Suffolk County have selected Rechler Equity Partners to build and manage the Hampton Business and Technology Park, which will occupy 58 acres at the Francis G. Gabreski Airport. Designed as a high-tech compound, the park will feature a 485,000-square-foot center containing commercial space and a 145-room hotel with conference facilities. Owned by Suffolk County, the entire airport property, originally developed as a World War II air base, encompasses a total of nearly 1,500 acres. The Hampton Business Park parcel sits on the west side of the airport, and has been designated a Planned Development District, as well as a targeted economic development zone. Further details about Hampton Business Park are presently unavailable as the project is in the early planning stages. However, the county has asserted that businesses in the high-tech industry and companies associated with homeland security will be targeted as potential tenants Rechler has other projects in the works, including Enterprise Park at Calverton in Riverhead. Last year, the company acquired a 300-acre site for the development of the complex, which will ultimately feature 2.5 million square feet of industrial space. The average vacancy rate for industrial properties on Long Island has been under 5 percent for at least the last two years, according to a report by real estate services firm Grubb & Ellis Co. And the rate has been on a slight but steady decline since the fourth quarter of 2007, going from 4.6 percent to 4.4 percent at midyear 2008. The Suffolk County submarket is even faring a bit better with a midyear vacancy rate of 4.3 percent. Headquartered in Melville, N.Y., Rechler offers commercial real estate services ranging from design and leasing to construction and finance. The company has been a real estate development force on Long Island for the last half-century, and has a portfolio encompassing more than 6 million square feet.