Morristown, N.J. - November 16, 2011 — Normandy Real Estate Partners, one of the largest real estate developers, owners and operators in the Boston to Washington, D.C. corridor, today announced significant leasing volume for its Route 287 Westchester portfolio “The Exchange” during the third quarter of 2011. The property, comprised of fourteen Class-A office buildings, experienced a total of 109,638 sf of leasing activity over the past three months, which includes 55,079 sf of new leases and 54,559 sf of renewals.
“Our focus and dedication to The Exchange has been evident since the day we acquired the 14 building portfolio two years ago, as we have attracted and retained blue chip tenants, undergone a multi-million dollar capital expenditure campaign, established a new brand identity, and announced a successful recapitalization of the portfolio,” said Justin Krebs, Principal, Normandy Real Estate Partners. “Under our ownership, The Exchange’s cachet has been revitalized and we’re seeing a strong surge in activity among current and prospective tenants.”
Paul H. Teti, Vice President, Normandy Real Estate Partners, added, “The third quarter reflected a continuation of positive milestones with total leasing activity amounting to more than 109,600 sf. Among those successes was attracting and retaining premier tenants like NY Life Insurance and Pentegra during the quarter, which has added to the allure of the property. Those achievements are all the more impressive against the backdrop of major macro-economic realities impacting the commercial real estate industry today – but at Normandy, we're firm believers that listening to your tenants' needs and providing timely solutions, along with endorsing an invigorating business environment, will attract best in class tenants.”
Details on the third quarter leasing activity include:
*New Leases
701 Westchester Avenue
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Tenant: NYPE Inc.
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Lease: 1,859 sf
- Broker: Newmark Knight Frank
707 Westchester Avenue
- Tenant: New York Life Insurance Company
- Lease: 27,500 sf
- Broker: Greg Frisoli of Cushman & Wakefield and Mitti Liebersohn of Jones Lang LaSalle
- Tenant: Residential Funding
- Lease: 5,271 sf
- Broker: Newmark Knight Frank
- Tenant: Seavest Healthcare Properties
- Lease: 3,634 sf
- Broker: Joe Caruso of Northeast Realty Advisors
711 Westchester Avenue
- Tenant: Hiscox Insurance Company
- Lease: 7,309 sf
- Broker: Michael Siegel of CB Richard Ellis
925 Westchester Avenue
- Tenant: Preferred Pension Concepts
- Lease: 2,283 sf
- Broker: Tony DiCamillo of Coldwell Banker
- Tenant: Mead, Hecht, Conklin and Gallagher
- Lease: 3,069 sf
- Broker: Gerry Houlihan of Houlihan & O’Malley Real Estate
2700 Westchester Avenue
- Tenant: Carlyle Development Group
- Lease: 4,154 sf
- Broker: Mike McCall of Newmark Knight Frank
707 Westchester Avenue
- Tenant: Axa Equitable Life Insurance
- Lease: 2,338 sf
- Broker: Greg Frisoli of Cushman & Wakefield
709 Westchester Avenue
- Tenant: Citrin Cooperman & Company
- Lease: 3,545 sf
- Broker: Rick Rakow of Rakow Group
711 Westchester Avenue
- Tenant: Bankers Conseco Life Insurance Company
- Lease: 2,808 sf
- Broker: Nick Deluca and Mark Jacobs of Signature Group
777 Westchester Avenue
- Tenant: Westcor
- Lease: 1,377 sf
- Broker: Al Gutierrez of CB Richard Ellis
108 Corporate Park Drive
- Tenant: Pentegra
- Lease: 34,000 sf
- Broker: John Hannigan and Alan Peterson of Choyce Peterson
- Tenant: Edgewater Technologies
- Lease: 2,665 sf
- Broker: Jeff Gage of CRESSA Partners
- Tenant: Valara Capital Management
- Lease: 1,335 sf
- Broker: Newmark Knight Frank
1025 Westchester Avenue
- Tenant: Sheridan Capital Advisors
- Lease: 3,490 sf
- Broker: Newmark Knight Frank
2500 Westchester Avenue
- Tenant: Wells Fargo Advisors
- Lease: 3,001 sf
- Broker: Paul Kauffman and Larry Ruggierri of Cushman & Wakefield
“Normandy continues to fulfill its commitment and make good on their word to both tenants and the Westchester community to restore The Exchange’s prestige in the business community – a promise that Normandy has far exceeded by any measure,” said Brian Carcaterra, Principal, Newmark Knight Frank, the leasing agent for the property. “The laser-focus the Normandy team shows in meeting the needs of tenants and their ability to offer flexible lease terms has not only increased the occupancy at the portfolio, but created a business atmosphere that is unmatched – where there’s interaction among tenants that leads to invaluable networking.”
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.