As Stony Brook Medicine sought to expand its Suffolk County facility on Long Island as the county's population has reached a record high, veteran Long Island dealmaker David Leviton, a vice chairman at JLL, had to first overcome "multiple roadblocks" before brokering Long Island's biggest lease in 2024.
The primary challenge he faced was the lack of available space at Stony Brook Medicine's facility at 500 Commack Road, a fully occupied multitenant property, as the healthcare provider plans to add a new ambulatory surgery center, among other expansion plans.
Facing a tight deadline to come up with a solution, Leviton recognized many office tenants were rethinking office needs after the pandemic-led change in work patterns and office usage. He began canvassing the building for potential candidates looking to reduce or even give up their space before finally being aware of an existing tenant who was considering a sublease of all or some of its space.
He went to Stony Brook Medicine to show the medical provider that it could "secure some of that space, lock in attractive rental rates and secure a multimillion-dollar concession package from the landlord." Meanwhile, he demonstrated to the property owner Steel Equities how the deal would enhance the building’s tenant mix and long-term occupancy stability while monitoring a buyout agreement that compensated the existing tenant for giving back its surplus space and renegotiating a smaller footprint.
The lease won a 2025 CoStar Impact Award as judged by real estate professionals familiar with the local market.
About the deal: Stony Brook in December signed a 243,288-square-foot expansion and renewal deal. The lease includes a new 26,278-square-foot lease and a 217,010-square-foot early renewal, 12 years ahead of its lease expiration, that will enable the Long Island healthcare provider to reconfigure and expand its services at the property.
What the judges said: The deal "demonstrates Stony Brook Medicine's commitment to Long Island and the healthcare of [its] residents," Adam Rochlin of The Rochlin Organization said, adding that a large volume of transactions in the medical and social services sectors is evidenced by the scale of this transaction in the marketplace.
I'm "impressed with the negotiating expertise and the speed in which results were delivered for such an impactful project," according to Michael Murphy, president of Douglas Elliman Commercial.
They made it happen: David Leviton, JLL vice chairman, based in Melville, New York.
CoStar market manager Morgan Markowitz contributed to this article.