Sometimes the hardest part of a real estate deal isn’t the space — it’s the timing, the persistence and even the parking.
The lease of a manufacturing building at 1390 Mount Read Blvd. in Rochester, New York, offered a recent example of that. EvolvOptic, a producer of custom optical blanks, lens blanks and mirror blanks for high-tech industries, including semiconductor, defense, aerospace and laser applications, was actively looking for a new location to accommodate its expanding workforce.
It quickly focused on the Mount Read Boulevard location. Following an initial walkthrough with Ted Mooney and Jim Jones of EvolvOptic and the building's listing broker, Graywood, the deal progressed slowly as the potential tenant focused on several business acquisitions and day-to-day operations.
About five months passed before the deal began to gain momentum. During that time, EvolvOptic conducted due diligence, explored other market options and worked with Greater Rochester Enterprise to evaluate available incentives supporting local retention and employment growth.
A key challenge was providing dedicated parking for EvolvOptic’s expanding workforce. Because Graywood controls four buildings at the intersection — including its own headquarters at 1001 Lexington Ave. — it was able to allocate all dedicated parking at 1390 Mount Read to EvolvOptic. Graywood arranged overflow parking at its Lexington Avenue headquarters, a former bowling alley repurposed into high-end office space that offered approximately 300 spaces.
The landlord also collaborated with EvolvOptic to finalize its manufacturing layout and facility improvements, including renovated offices, expanded restrooms and upgraded HVAC systems.
While the move to the Mount Read Boulevard location will improve operational efficiency for EvolvOptic, it also leaves a long-term lease obligation at the facility it was vacating. Graywood is working with the company to find a solution — likely subleasing or a potential lease buyout — to help reduce its existing overhead.
For its impact on the local market and persistence in overcoming numerous obstacles, the lease received a CoStar Impact Award for the lease of the year for Rochester, as judged by an independent panel of industry professionals within the market.
About the project: Owned by ARCH Medical Solutions, the 74,043-square-foot building has 51,763 square feet of industrial space and 22,280 square feet of office space. It was built in 1960.
What the judges said: “It was a complicated deal," said Brian Donovan of Donovan Real Estate Services. "The tenant had a long-term lease obligation at another building, so the landlord had to get creative and make it enticing enough for them to relocate. It’s also a challenge to get developers to spend this much money up front to accommodate their needs.”
“This nomination stood out based on the redevelopment benefits for this commercial corridor,” said Scott Burdett of Flaum Management Co.
They made it happen: Representing the tenant was Steve Sojam of Moore Corporate Real Estate. Representing the landlord, Graywood Cos., were Michael Weed, Kenenth Marvald, Jennifer Ross, Doug Summers and Kelli Micoli. Ted Mooney, Jim Jones and Ryan Brunk were involved in the deal for the tenant, EvolvOptic.
CoStar Market Manager Coleman Applegate contributed.