Allstate Renews Garden City Lease

Insurance giant Allstate has renewed a 28,000-square-foot office
lease at a building in Franklin Avenue Plaza in Garden City, N.Y. The
four-building complex is owned by The Treeline Cos. CB Richard Ellis
Inc.’s Raymond Ruiz, Marianne Dugan and John Morris represented
Allstate in the renewal negotiations. Treeline was represented inhouse
by senior vice president Kraig Silver.

Unlike other investment managers, First Point aims for long-term holds, which jibes with Treeline's investment strategy. Its long-term hold strategy is possible because its exit strategy isn't necessarily a sale, rather it hopes to rely on refinancings as its capital events.