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The We're Group: Multiple Leases Signed at Long Island Property
Jericho, N.Y. — Dec. 3, 2015 — The We’re Group, a Long Island-based leading developer and owner of commercial office and medical buildings, announced it has preleased over 93 percent of 300 Jericho Quadrangle to multiple tenants. The lease of the current tenant, Cablevision, does not expire until late 2016.
“We successfully pre-leased over 90 percent of the building nine months in advance of Cablevision’s lease expiration,” said Tony Fromer, a principal of The We’re Group.
The transactions were a win-win for both landlord and tenants, as 300 Jericho Quadrangle will be fully occupied by the time Cablevision’s lease terminates and the tenants will benefit from today’s market rates, he said.
Cablevision, which signed a lease to occupy 300 Jericho Quadrangle as a single user, never moved in, opting instead to sublease the entirety of the space.
With assistance through benefits from the Nassau County Industrial Development Agency, The We’re Group has signed direct long-term leases with the following tenants at the property:
• Publishers Clearing House: 171,000 square feet
• Darby Dental: 62,000 square feet
• State Farm: 38,000 square feet
• Air Lingus: 7,400 square feet
• Grodsky Caporrino & Kaufman, LLP: 6,500 square feet
Driving the vibrant leasing activity is the fact that there are few large blocks of well-located Class-A space in Nassau County. The Jericho Quadrangle, made up of four buildings totaling 1.1 million square feet, enjoys one of the county’s best office locations, at the intersection of Exit 40 of the Long Island Expressway and Jericho Turnpike, and close to the North State Parkway and Routes 106/107.
The property is serviced by the Nassau County bus system (NICE) with a first stop at the Hicksville train station of the Long Island Railroad, and it is situated in close proximity to both JFK and LaGuardia Airports.
Over the coming year, 300 Jericho Quadrangle will undergo a $10 million capital improvement program providing renovation and improvements to the public spaces, lobbies, central plant improvements to increase energy efficiency, elevators, bathrooms, and fitness center, as well as the creation of an outdoor recreation area.
One of Long Island’s original commercial developers, Jericho-based The We’re Group is Long Island’s largest private developer and owner/operator of commercial office and medical buildings. The company’s portfolio currently consists of 23 buildings in Nassau and Suffolk Counties totaling 3.5 million square feet.