It is said that fortune favors the brave. And that could be true for Craig Padver, who took big risks when developing Long Island’s first speculative office building in over 12 years.
Despite the challenging market, Hauppauge’s office space at 410 Motor Parkway was fully occupied just six months after its completion.
National Life Insurance Company has leased the 10,325-square-foot second floor of the 35,000-square-foot building joining Hanover Bank and Bus Patrol tenants in the newly built Class A property.
Padover’s Aresco Management also occupies space in the building and in October 2015 purchased the first one-story 40,000-square-foot industrial building in the development formerly known as Hauppauge Industrial Park. bottom. With the help of financial incentives from the Suffolk County Industrial Development Authority, the company invested more than his $15 million to build his unique four-story office building on a three-acre site.
One of the first new mixed-use buildings at the Hauppauge renamed Long Island Innovation Park, 410 Motor Parkway will feature a food business on the first and third floors of office space. Designed by John Seifert of his WSJS Architects, based in Huntington, the project is an overlay of the town of Smithtown, which aims to foster economic growth on his second largest industrial estate in the country. It was the first project developed under zoning.
Hauppauge’s new office building will be the first on Long Island to use electronically controlled “smart glass” to switch windows from light to dark. While approximately 35% more expensive to install than run-of-the-mill commercial windows, this product reduces lighting, heating and cooling costs by as much as 20% and blocks more than 90% of the sun without blinds or shades. .
With office vacancies on the rise and continued uncertainty in the office market surrounding the COVID-19 pandemic and accompanying remote work environment, some industry observers were skeptical that the speculative development would succeed. . But Padova was confident.
“By building something unique and more modern, we thought there would be a demand for it,” Padover told LIBN. “And it worked out as planned.”
All office space is occupied, but 4,000 square feet of restaurant space remains on the ground floor of the building. Mógū Modern Chinese Kitchen is already open in the building, and will soon be joined by Jersey Mike’s Subs shop.
Gerry Krush of Real Estate Strategies represented National Life Insurance and landlord Aresco Management self-represented in the lease transaction.