White Plains, NY – January 17, 2017 – Normandy Real Estate Partners, a leading real estate operator and fund manager, today announced robust leasing activity for The Exchange in 2016, a Class A office portfolio comprised of 14 properties in the heart of Westchester, which included more than 133,000 square feet in leasing volume throughout the complex. CBRE served as the exclusive leasing agent for the portfolio. In addition to the leasing activity, Normandy made significant investments at several properties furthering their overall appeal in the market.
Among some of the transactions completed at The Exchange during 2016:
• Sabra Dipping Company’s 35,400-square-foot expansion at 777 Westchester;
• JP Morgan Chase’s 25,000-square-foot renewal and lease expansion at 925 Westchester Avenue;
• BNY Mellon’s 15,891-square-foot renewal at 701 Westchester Avenue;
• Friedlander Group’s 6,817-square-foot renewal at 2500 Westchester Avenue; and
• H2M Architects & Engineers’ 6,000-square-foot lease at 2700 Westchester Avenue
During 2016, Normandy also completed the development of a rooftop terrace as well as a new lobby for the fourth-floor entrances (east and west wings) which include state-of-the-art flat screen directory technology, lighting fixtures, flooring and wall coverings at 701 Westchester Avenue. A first of its kind in Westchester County, the rooftop terrace features beautiful landscaping, a full canopy, and comfortable seating for tenants and their guests. Additionally, improvements are underway at 925 Westchester Avenue where a state-of-the-art fitness center, equipped with lockers and showers as well as a cutting-edge conference facility, will all be completed by the start of Q2. Normandy is also currently executing on a comprehensive plan to redevelop all of the Corporate Park Drive assets.
“Year after year – since we acquired The Exchange in 2009 – leasing activity at the 14-building portfolio continues to be robust, which reflects our ongoing commitment to improving and upgrading property amenities and the overall business environment,” said Matthew Lavell, Senior Vice President of Normandy Real Estate Partners. “With the ongoing momentum at The Exchange and the success in attracting quality blue chip tenants, we are very bullish on 2017 being another successful year at this premier Westchester property.”
“With more than 25,000 square feet of new lease signings pending, we anticipate building upon the momentum generated throughout 2016 with strong demand for office space continuing,” notes Brian Carcaterra, Senior Vice President of CBRE, who is spearheading the leasing campaign at The Exchange. “For the first time in my career we have seen a significant and dramatic compression in availability due to adaptive repurpose measures, where Normandy has been the unequivocal leader, and increased organic demand from our local tenant community.”
About Normandy Real Estate Partners
Normandy Real Estate Partners is a leading real estate operator and investment manager headquartered in Morristown, NJ with offices in Boston, New York City and Washington, D.C. Normandy currently manages a series of discretionary real estate funds totaling approximately $1.5 billion of equity commitments. Normandy’s existing portfolio includes 13.2 million square feet of commercial assets, four hotels and numerous land development sites. Normandy targets value added real estate investments in the gateway markets of Boston, Metro New York City, and Washington, D.C. where opportunities exist to enhance value through creative repositioning, financial restructuring, intensive management, and capital improvements. For more information visit www.normandyrealty.com.