Dealertrack Technologies, Inc. has entered into an office lease for 233,090 square feet, preleasing the entire proposed headquarters campus at 3400 New Hyde Park Rd. in North Hills, NY.
X-Cell III Realty Associates LLC is building the twin four-story office properties, each totaling 116,545 square feet, on 8.4 acres in the Western Nassau County submarket of Long Island, between the Grand Central / Northern Pky and the Long Island Expy / I-495.
Dealertrack's 17-year lease will commence upon occupancy, expected to occur in early 2016. According to the lease agreement, an initial base rent of approximately $7.6 million ($33 PSF) will be paid in the first year, with 2.5% annual increases, subject to increases of 3% if the Consumer Price Index (CPI) for the previous 12 months has been equal to or greater than 4%. The tenant will be responsible for additional rent to cover certain taxes and insurance charges, and has the option to extend the term of the lease for another ten years.
Raymond Ruiz, Marianne Dugan, and Kyle Crennan with JLL represented the landlord, X-Cell.