DOT buckles up for another 10 years

Real Estate Weekly, Sept 28, 2005

CORP USA announced that the company has restructured and extended the commitment of the New York State Department of Transportation ("DOT") to lease 106,000 rentable square feet at Hunters Point Plaza in Long Island City, Queens.

The tenant's new ten year lease with the building's ownership, Plaxall Inc., has an aggregate value of over $30 million dollars.

Hunters Point Plaza, the premiere office complex in Long Island City, is now 100% leased. DOT will continue to be the major tenant in the 200,000 square foot Hunters Point Plaza.

"This transaction is one of the largest lease transactions to be executed in the outer boroughs of New York this year and represents a continued commitment to Long Island City as a strategic alternative to Manhattan for quality office space," said Joseph J. Zahn, executive managing director of CORP USA, who negotiated the long-term lease transaction on behalf of the landlord.

"We were able to meet all of the tenant's long-term requirement criteria for its New York City regional office with class "A" office space at a fraction of the cost of similar Manhattan buildings," commented Zahn.

Brian Higgins of The Staubach Company acted as real estate consultant for the Tenant.