Business Services Industry
Legg Mason Real Estate Services
Real Estate Weekly, March 29, 2000
Ernest DesRochers, senior vice president and regional manager of Legg Mason Real Estate Services' (LMRES) Long Island Regional office, arranged a $18 million, first mortgage loan for 8 Corporate Drive in Melville, Long Island, NY. Financing was arranged for the borrower, We're Associates, by LMRES through its relationship with CIGNA Investments, Inc.
8 Corporate Drive is an existing three-story office and one-story warehouse complex located in Melville, Long Island. The Cigna loan will provide We're Associates with the capital necessary to renovate, convert,. and expand the improvements to 201,000 square feet. According to Des Rochers, "The financing provided by CIGNA is a confirmation of the dynamic office leasing market on Long Island, as well as its confidence in We're Associates to execute its repositionary plan for 8 Corporate Drive."
Major tenants in the building are the State Insurance Fund and NEC USA, Inc.
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