Morristown, NJ – October 9, 2013 — Normandy Real Estate Partners, a leading real estate operator and fund manager, today announced a 15-year deal with Cornell University at 575 Lexington Avenue, where Cornell will expand their current presence at the property to occupy more than 182,320 sf. The expansion – at the base of this Class A Manhattan office tower – represents approximately 20% of total occupancy. Normandy partnered with New York Life Real Estate Investors and Prudential Real Estate Investors on the deal.
“Cornell University is a distinguished institution that is synonymous with excellence and prestige, and their lease expansion and extension will help further stabilize the asset – and ensure long-term value for Normandy and our investors,” said Paul H. Teti, Senior Vice President and co-head of leasing at Normandy.
“Weill Medical College of Cornell University opted to remain and expand at 575 Lexington Avenue to continue to take advantage of the building’s stellar location and to benefit from the recent building upgrades and extensive capital renovations underway,” said Paul Glickman, vice chairman, with Jones Lang LaSalle. “The Plaza District remains one of the most sought-after areas of Manhattan, and the trophy building is well served by mass transportation and a wide range of amenities. Normandy Real Estate Partners’ capital improvement plan at 575 Lexington Avenue includes a revamped lobby, new state-of-the-art infrastructure and a thorough update of the property’s retail spaces.”
This lease, which consists of a near 35,000 sf expansion – comes on the heels of Normandy making substantial improvements to the building since acquiring the property last year, including renovations to the lobby, elevators, and the base of the building. Paul Glickman, Mitti Liebersohn, Steven Rotter, Diana Biasotti, and Brittany Wunsch from Jones Lang LaSalle represented Normandy. The brokers for Cornell included John Cefaly, Michael Burgio, and David Berke from Cushman & Wakefield, John Adams from John Adams Company, and Albert Duryea from ITRA.
Additionally, Normandy also announced a deal with financial services firm Janney Montgomery Scott, which will expand their current space by 9,185 sf, bringing their total occupancy to more than 31,400 sf. Ken Rapp from CB Richard Ellis represented the tenant.
These two deals bring total year-to-date leasing at 575 Lexington Avenue to more than 213,700 sf.
Prominently located in Midtown Manhattan’s Plaza District, 575 Lexington offers a rare combination of convenience, status, style and efficiency. Situated on the easterly block of Lexington Avenue between 51st and 52nd Streets, the building offers excellent exposure and stunning views less than ten blocks from Central Park, amidst some of New York City’s most well-known office properties and corporate headquarters, and in the heart of an exceptional range of amenities and services.
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, Los Angeles 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 over 15 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, Los Angeles, San Francisco, 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.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of New York Life Investments*, an indirect wholly-owned subsidiary of New York Life Insurance Company.
New York Life Real Estate Investors is a full service, fully integrated real estate enterprise with more than 100 professionals. The principal focus of New York Life Real Estate Investors is the origination, underwriting, and investment in real estate equity products and related debt, including: real estate equity investments, commercial mortgage loans, commercial mortgage backed securities and unsecured REIT bonds. As of June 30, 2013, New York Life Real Estate Investors had an AUM of $35.4 billion and is actively seeking to acquire additional properties throughout the U.S.
*New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary New York Life Investment Management LLC. New York Life Investment Management LLC is a wholly-owned indirect subsidiary of New York Life Insurance Company.