Morristown, N.J. - February 1, 2010 — Normandy Real Estate Partners, one of the largest real estate developers, owners and operators in the Boston to Washington, D.C. corridor, today detailed the significant leasing activity its Route 287 Westchester portfolio “The Exchange” experienced in the 3rd and 4th quarters of 2009, as well as major improvements at the properties. With more than 96,450 sf leased in the past four months, leasing across the fourteen class A office properties of “The Exchange” represented 40% of the East 287 submarket leasing velocity in the third and fourth quarters.
“When Normandy assumed ownership and renamed this prestigious collection in 2009, we were committed to ushering in a new era for these well-known properties,” said Paul H. Teti, vice president, Normandy Real Estate Partners. “That commitment has been reflected in our success in recruiting new tenants, resigning existing relationships, and expanding space with current tenants. Clearly, part of our success flows from our investments in significant improvements in amenities at this fourteen building portfolio – we’re proud to have nurtured a top-notch business community here. The fact that The Exchange represented 40% of the East 287 submarket leasing velocity in the past two quarters is concrete evidence of the vibrancy we’ve brought to this office park.”
“Normandy’s long-term vision for The Exchange is mirrored in the leasing activity and improvements they’ve already embarked on in their first year of ownership,” said Brian J. Carcaterra, principal, Newmark Knight Frank, the leasing agent for the property. “The amount of activity at this property demonstrated that tenants are certainly happy with their office environment – and we’re even seeing many tenants expand upon their existing spaces. No matter the size of a company, The Exchange is able to accommodate any and all business needs – in a portfolio that encourages interaction among tenants, leading to the exchange of business contacts and valuable networking.”
Details on select transactions include:
- W.J. Deutsch & Sons, which builds brands that offer approachable wine experiences, relocated and expanded at 709 Westchester Avenue by leasing 29,973 sf. The deal is a long-term extension. Bill Cuddy and Budd Wiesenberg of CB Richard Ellis represented the tenant.
- Accounting firm Stanton & Leone Services LLC acquired 4,760 sf at 1025 Westchester Avenue. The firm was represented directly by Newmark Knight Frank.
- Woodard & Curran, an integrated engineering, science, and operations company, signed a long-term extension and expanded by 2,484 sf at 709 Westchester Avenue, bringing their total occupancy to 9,924 sf. The tenant was represented by Joe Caruso.
- Peryam & Kroll Research Corporation, which provides a wide range of product research services, has a long-term extension for 11,260 sf at 1025 Westchester Avenue. They were represented directly.
- Citrin Cooperman & Company, LLP, an accounting firm, signed a long-term extension and expanded by 2,214 sf at 709 Westchester Avenue and now occupies 14,642 sf. The tenant was represented by Rick Rakow of Rakow Commercial Realty Group.
- Flight services company Wayfarer Aviation signed 6,100 sf at 2700 Westchester Avenue. Wayfarer was represented by Craig Ruoff of Rakow Commercial Realty Group.
Normandy investments in The Exchange facilities include the installation of tele/data communication system lines from Cablevision and Lightpath and Verizon FiOS; a newly installed, first-class food service and café at 2700 Westchester Avenue; a sundry/flower shop at 108 Corporate Park Drive; and common area upgrades at 709 and 2700 Westchester Avenue.
Amenities available at The Exchange properties include: a child day care center, on-site dry cleaner, shoe repair shop, barber, cafeteria, catering service, outdoor seating space, sundry shop and a Summerfield Suites Hotel. The buildings feature high-end finishes throughout, with such features as fiber optic communications, DSS satellites, computerized key tag systems and ample onsite parking. Several of the buildings also offer Wi-Fi access in the lobbies, food kiosks and cafeterias, as well as fitness centers with locker-room facilities.
The Exchange properties offer unmatched convenience in a suburban office setting. Direct access to I-287, I-684 and I-95 as well as the Hutchinson and Bronx River Parkways add to the appeal of these prime assets, making them comfortably removed from, but accessible to, New York City and the rest of the Tri-State Area.
About Normandy Real Estate Partners
Normandy Real Estate Partners is a vertically-integrated real estate private equity fund manager headquartered in Morristown, NJ with offices in Boston, New York City, and Washington DC. Normandy currently manages a series of discretionary real estate funds totaling approximately $1.0 billion of equity commitments. Normandy’s existing portfolio includes 14 million square feet of commercial assets, four hotels and numerous land development sites. Normandy targets value added real estate investments primarily in the Northeast and Mid-Atlantic 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.