Simone Development Companies has achieved full occupancy at its two-story medical and office building located at 1733 Eastchester Road in the Bronx's Morris Park neighborhood. The U.S. General Services Administration signed a long-term lease for 5,234 square feet on behalf of the U.S. Department of Veterans Affairs in June, filling the final vacant space in the 27,275-square-foot property.
The lease represents a significant win for Simone Development in a neighborhood undergoing gradual commercial revitalization. The VA's presence adds institutional credibility to the Morris Park location and anchors the building with a stable, government-backed tenant unlikely to relocate. The GSA typically negotiates extended lease terms, providing landlords with predictable, long-term revenue streams.
For the Bronx commercial market, this demonstrates sustained demand for medical and office space outside Manhattan. Morris Park, historically a residential neighborhood, has seen increasing investment in healthcare facilities and professional services. The VA's commitment reflects broader federal interest in distributing veteran services across boroughs beyond Manhattan.
The full occupancy status improves Simone Development's asset value and debt positioning. Lenders view fully leased buildings as lower-risk collateral, enabling refinancing opportunities or capital redeployment toward new projects. For existing tenants in the building, the VA anchor tenant signals neighborhood stability and potential for complementary service providers.
Local commercial brokers note that government leases command premium positioning in lease portfolios. The VA's creditworthiness eliminates default risk, making the building more attractive to institutional investors should Simone Development pursue a sale. The Morris Park location offers lower per-square-foot costs compared to Manhattan, appealing to both healthcare providers and administrative offices seeking affordable space with solid transportation access via the 2 and 5 subway lines.
The lease completion demonstrates that outer-