Normandy Inks Over 235,000 Square Feet Of Lease Deals at The Exchange in 2015

John Jordan | August 2015

WHITE PLAINS—Normandy Real Estate Partners, a leading real estate operator and fund manager, announced recently it had secured significant leasing volume for its Westchester County-based portfolio, “The Exchange.”

The 1.6 million-square-foot portfolio, which consists of 14 buildings, has completed more than 235,000 square feet of leases year-to-date, with CBRE representing Normandy in the transactions. This marks the largest volume of leasing activity in the first half of the year since Normandy began leasing space at The Exchange in 2009.

The deals in 2015 at The Exchange have included:

• Citrin Cooperman has expanded its space to 27,000 square feet, now occupying a full floor at 709 Westchester Ave. ;

• Stewart Title signed a long-term extension for 10,000 square feet at 711 Westchester Ave.;

• New York Life expanded to 32,000 square feet to occupy a full floor at 777 Westchester Ave.;

• and Schiavetti Corgan renewed and moved to an 8,000 square foot space at 711 Westchester Ave.

“We’re determined to provide top-of-the-line amenities and the best possible working environment for our tenants,” said Matthew Lavell, vice president of Normandy Real Estate Partners. “Our ongoing capital campaigns in each of our assets have not only attracted many of the region’s best companies, but this year in particular we have seen a record amount of expansions and long term extensions from many of our largest tenants.”

CBRE Senior Vice President Brian Carcaterra, Vice President Michael McCall and Associate Morgan Collins represented Normandy in the leases.

“The Exchange continues to be the unequivocal leader in the market in terms of leasing activity,” said Carcaterra. “It is a first-class portfolio with dedicated ownership that responds to the needs of the tenants and the brokers in the market. We are all very proud of the standard we have set in the market and look forward to continuing the momentum in this record breaking year.”

Normandy has invested more than $30 million in the ongoing redevelopment of The Exchange. For example, at 711 Westchester Ave., the lobby has received a new floor, lighting, and artwork, and the fitness center has been updated with new equipment and finishes, which has further increased interest in the building. Other improvements have included exterior building refurbishments and improved parking lots, security and concierge services.

The Exchange encompasses 701-777 Westchester Ave., 925 and 1025 Westchester Ave., 2500 and 2700 Westchester Ave. and 103, 105, 106, 108 and 110 Corporate Park Drive.

Corporate tenants include J.P. Morgan Chase, Wells Fargo and UBS.

John Jordan
Editor, Real Estate In-Depth