Success Stories
BRISTOL-MYERS SQUIBB
TRANSACTION SERVICES
INDUSTRIAL TENANT REPRESENTATION
Bristol-Myers Squibb (BMS) was a 179,000 square foot landmark building complex, ideally located at the intersection of the Meadowbrook Parkway and Stewart Avenue in Garden City. Corporate National Realty, LLC (CNR) was asked by BMS to market and sell the building. The new purchaser, in turn, retained CNR to market and lease the 2 buildings. Originally erected as the world headquarters for Endo Pharmaceutical, the structures’ unusual design presented a unique challenge for the new owners and marketing team.
APPROACH
- Once the new owner (investor-developer) was in place, a decision was made to virtually demolish the existing facility and redevelop the building as a high end office/research and development facility.
- CNR engaged in an extensive Due Diligence Review period with the new owner for the purposes of the following: a) gather all due diligence materials, b) complete equipment assessment study, c) engage architectural and engineering firm and prepare Re-Adaptive Evaluation, d) approve price guidelines, etc.
- CNR prepared marketing materials and a formal marketing process to include: reviewing property data, photograph buildings, prepare presentation materials, initiate marketing phone calls, conduct property tours, receive, evaluate and negotiate offers, etc.
- CNR helped potential tenants overcome negative market perception of the project design because no other facility of its kind presently existed. The visions of both CNR and the owners needed to be clearly explained to potential tenants.
RESULTS
- CNR, in a period of just over 16 months, closed title with the new owner, developed a strategy and marketing plan and leased 160,000 square feet to four tenants.
- Lifetime Brands (135,000 square foot World Headquarters), Home Medical Products (10,000 square feet), Angion Medical Lab (15,000 square feet).
- It’s important to note all three transactions were tenants that were formally located in the general vicinity.
- Within six months of lease execution, Lifetime Brands’ portion of the building was designed, built and occupied. The facilities and construction management team were recommended by CNR.
- In 2007, CNR was awarded “The Most Ingenious Deal Award” for concluding this transaction by the Association for a Better Long Island. This was the third time that CNR was recognized with this prestigious award.
UNITED BUSINESS MEDIA, PLC
(formerly CMP Publications)
TRANSACTION SERVICES
OFFICE TENANT REPRESENTATION
United Business Media (UBM) and Colliers ABR enlist the expertise of a local real estate firm to assist in the disposition of UBM’s existing Long Island office space at 600 Community Drive, Manhasset and 1 Jericho Plaza, Jericho. UBM occupied a total of 200,000 square feet, and they planned to sublease all their space. Simultaneously, they required assistance with the acquisition of approximately 35,000 square feet for consolidation of their existing business. UBM needed to downsize from a company who at one time employed 1,000 people in two locations, to a company with 300 employees housed in a much different work environment. The plan was to create a more efficient streamlined space program with an open floor plate (modular work-stations).
APPROACH
- CNR and key UBM personnel evaluate the current business model in an effort to reduce costs, eliminate redundancy, and increase efficiency in a new work environment.
- CNR and UBM hire architects, engineers, and contractors to develop proposed floor plans and determine cost effective improvements to 600 Community Drive. The building suffers from deferred maintenance and needs renovation in order to maximize sublease potential. Improvements include façade repair, parking lot restriping, and renovation to the common lobby, corridors and bathrooms.
- CNR develops a strategic marketing plan to sublease UBM’s existing leaseholds. The plan includes the construction of an onsite marketing room and development of a dedicated website. The site highlights amenities, location and available space to the brokerage community and the end users.
RESULTS
- Following a comprehensive market study, CNR determines that the best economic solution for UBM is to remain at 600 Community Drive. Rather than relocate, they will consolidate various divisions into one quadrant of the building by adhering to a strategic space program guided by a strict timeline.
- In the absence of guidance from the existing landlord, CNR and Colliers ABR controlled all aspects of construction and re-occupancy for the UBM premises. This process included management, appointment, budgeting and execution of work for all participant parties including architects, engineers (electrical, civil and parking), project managers and attorneys.
- Pursuant to the success of mailings, email blasts, tours, and sales meetings, Colliers and CNR’s leasing efforts are well underway. In less than 1 year Collier’s and CNR executed subleases with Marcus Avenue Early Childhood Development Program (17,000 square feet), NSLIJ (30,000 square feet) and Canon USA (65,000 square feet). UBM has relocated, on-time, to their demised premises at 600 Community Drive. They currently occupy the balance of the building.
