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Duro Dyne National Corporation has extended its lease at a Bay Shore industrial property.
Duro Dyne, a manufacturer and global distributor of sheet metal accessories and equipment products for the HVAC industry, has now leased the 128,600-square-foot building at 81 Spence St. for an additional 12-year term, which runs through May 2035.
Metropolitan Realty Associates and its long-time equity partner, Angelo, Gordon & Co. acquired the Bay Shore property in March 2022 for $22.25 million.
“81 Spence Street is a well-located industrial asset with 10 loading docks, three drive-in doors, 24-foot clear ceiling heights throughout the warehouse and an abundance of parking,” Joseph Farkas, founder and CEO of Metropolitan Realty Associates, said in a company statement. “There was enormous interest from the marketplace in this property. However, Duro Dyne’s commitment to Bay Shore, to its local employees, and to a series of planned, long-term building improvements, made clear that the existing tenant was the right fit to remain the sole occupant of the building.”
The 5.36-acre property at 81 Spence St. is located next to 5 Inez Drive, another property that MRA and Angelo, Gordon acquired in August 2021 for $14 million.
“We are pleased to maintain our relationship with Duro Dyne, a best-in-class manufacturing company with this extended lease term,” Farkas said in the statement. “Strong landlord-tenant relationships are paramount to the success of our business as we continue to grow our industrial presence with Angelo Gordon across Long Island.”
In addition to its Bay Shore headquarters, Duro Dyne has offices in Colorado, Ohio, and Canada, with a licensee in Dubai to distribute throughout the Middle East. The company also distributes its products to countries in South America, Europe, and Asia.
Attorney Peter Curry, partner at the Farrell Fritz law firm, represented the landlord in the Bay Shore lease extension.
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