Murray Feiss imports leases 9,000 SF at 555 Theodore Fremd Ave. in Rye, NY
Property Owner Faros Properties/Gould & Co. complete multi-million dollar Capital improvements at 171,000 SF property
RYE, NY – August, 2012 – The commercial real estate investment team of Faros Properties, LLC and Gould and Company today announced that Murray Feiss Import, LLC, one of the country’s leading manufacturers of decorative lighting products, leased 9,000 square feet at the International Corporate Center at Rye located at 555 Theodore Fremd Avenue, a 171,000-square foot (sf) office property in Rye, NY.
Murray Feiss will relocate and expand its space requirement from its current Bronx, NY location. The company took space on the first floor of 555 Theodore Fremd Avenue in the property’s C building for a six-year term. The property recently underwent an extensive multi-million dollar interior and exterior renovation project.
“We are pleased to welcome Murray Feiss to 555 Theodore Fremd Avenue. We have put a great deal of work into the improvements here,” said Jeremy Leventhal, Managing Partner, Faros Properties. “Tenants have responded positively to the efforts we have taken to reposition this asset and the results speak for themselves.”
Cushman & Wakefield’s Greg Frisoli & Larry Ruggieri represented the landlord in the negotiations. The tenant was represented by CBRE’s Paul Hoffmann.
“This was an extremely attractive deal for Murray Feiss and the property owner was very aggressive in making the deal,” said Mr. Ruggieri, a Cushman & Wakefield director. “That, combined a location that is close to area highways and within walking distance to the Rye Metro North train station, and the recent renovations and capital improvements to the interior and exterior of the property, resulted in a win-win situation.”
Established in 1955, the Murray Feiss brand has evolved over the years into one of the country’s leading manufacturers of decorative lighting products and is recognized for its beautiful design and exceptional quality.
“Murray Feiss needed a building that would accommodate its current space needs as well as allow for future growth,” said Alexander Leventhal, managing partner, Faros Properties.
“The decision by the firm to establish its presence here further confirms the property’s reputation as a best-in-quality office environment with superb amenities in a well-desired accessible location.”
The exterior capital improvements at the property include an overhaul of the main entrance, new signage, a landscaping and fountain overhaul, and renovation to the parking lot. Interior improvements feature lobby renovations, refurbished common corridors, new dining facility, refurbished bathrooms, redesigned fitness center, new lighting fixtures, painted walls, ceiling tile, stained doors, carpeting, and furniture.
Faros Properties and Gould and Company purchased 555 Theodore Fremd Avenue in March 2011. Currently, there is approximately 40,000 sf available for lease, with units ranging from 2,000 – 15,000 sf within the three-story property, which was built in 1990.
“The renovations at 555 Theodore Fremd have attracted numerous tenants in the market and we are in the midst of negotiating several new leases and renewals,” said Elliot Gould, managing partner, Gould & Company.
Faros Properties, LLC is a New York and Boston-based real estate investment firm. Faros and its predecessor companies trace their roots to The Beacon Companies founded by Norman Leventhal and his brother in 1945. It has been active for more than six decades in the construction, development, acquisition, management, and financing of real estate internationally. Well-known developments in Boston (the family headquarters) include the Meridien Hotel, One Post Office Square, The Boston Harbor Hotel, Rowes Wharf, Center Plaza, South Station, and 75 State Street, among others. Faros Properties, LLC was formed in the spring of 2010 by Alexander and Jeremy Leventhal as a platform to target distressed opportunities created from the most recent economic downturn.
Gould And Company, LLC is an owner-operator development company founded in 1970 by James Gould. The company started by acquiring apartments in Boston’s North End and Beacon Hill neighborhoods. Today, Gould and Company specializes in property management, ground up development and re-development in all asset classes. Gould and Company’s main focus is acquiring distressed properties and vacant land. It currently owns and manages over 1.5 million square feet in five states including Massachusetts, Colorado, Connecticut, Maine and South Carolina.