Insignia/ESG selected for LI sales leaseback

Real Estate Weekly, Jan 23, 2002

Insignia/ESG has been selected by Northrop Grumman Corporation, a worldwide defense electronics, systems integration & information technology company headquartered in Los Angeles with operations on Long Island, to arrange the sale and partial leaseback of the company's 386,000-SF property located at One Grumman Road West in Bethpage, N.Y.

Northrop Grumman Corporation's strategy is to sell the 386,000 SF office/manufacturing complex and lease back approximately 60,000 usable SF for its own operations, thereby making up to 320,000 SF of office and industrial space available to other users. There may be potential for future development on the 25-acre site located in Eastern Nassau County, with easy access to the Long Island Railroad and all other major transportation modes.

"We feel very comfortable with the team at Insignia/ESG and their ability to deliver sale and partial leaseback terms that will work well for both Northrop Grumman and the investor," said John A. Vosilla, manager, communications, Northrop Grumman Integrated Systems.

The brokerage team spearheading the marketing initiative for this property includes Phil Heilpern, Richard Karson, Martin Lomazow and Larry Weiss of Insignia/ ESG's Long Island office. "Insignia/ESG is excited about the project and believes that this investment opportunity will provide an investor with a quality return and major presence in Eastern Nassau County. The infrastructure that is in place in Bethpage and recent migration to this area by many of Long Island's major corporate users has created a business community that we see as one of the most important in Nassau County", said Phil Heilpern, Director of Insignia/ESG.

Insignia/ESG is disseminating an offering memorandum and will continue to actively market the property to potential purchasers.