Recent leases nearly fill the Melville office building

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Three long-term leases totaling 163,000 square feet were recently signed at 2 Corporate Center Drive in Melville.

Leases signed in recent months bring the office building to 94 percent occupancy, according to Phil D’Avanzo of Cushman & Wakefield, which represents 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 home automation solutions company, signed a 100,000-square-foot renewal, and beauty products maker Estee Lauder leased 43,000 square feet at the property Melville.

“We are delighted to welcome Estee Lauder and East Coast Capital to 2 Corporate Center, where they join a strong tenant list and will benefit from the property’s excellent affordability and capital improvement program underway,” said D’Avanzo in a C&W statement. . “We are also pleased to continue our valuable 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 have chosen 2 Corporate Center Drive as their long-term workspace. The completion of these transactions in less than favorable market conditions, bringing 2 Corporate’s occupancy to 94%, is a testament to ownership’s commitment to the asset and the extraordinary value proposition the building represents.”

Princeton International Properties acquired the 291,230-square-foot office building on 18 acres at 2 Corporate Center Drive for about $23 million in 2021, when it was 80 percent occupied. Since then, the company has invested over $5 million in 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 respected tenants to the property and continue our partnership with Resideo,” David Tawfik, president of Princeton International Properties, said in the statement. “Each firm’s decision to maintain a presence at 2 Corporate Center represents a significant investment in the region’s economic vitality, underscoring Melville’s appeal as a thriving center for corporate growth and innovation.”

Founded in 1978, Princeton International’s portfolio consists primarily of office properties in Manhattan. 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.

Paragon Group’s Jeff Nemshin represented Estee Lauder and Real Estate Strategies’ Harris Rousso represented East Coast Capital, while D’Avanzo represented the property in the Melville lease transactions.