WHITE PLAINS, NY — Normandy Real Estate Partners, a leading real estate operator and fund manager, today announced significant leasing volume for its Westchester portfolio, “The Exchange.” The 1.6 million-square-foot property, which consists of 14 buildings, has completed 146,691 square feet of leases this year, with CBRE representing Normandy in the transactions.
The 2013 transactions consist of four new leases with Tokyo Leasing, nuTravel Technology Solutions, Ammann & Whitney and Langan Engineering & Environmental Services. Tokyo Leasing, a provider of leasing, installment sales and other financial services for IT-related and industrial equipment, has signed a 14,562-square-foot lease at 2500 Westchester Avenue. nuTravel Technology Solutions, which delivers online travel booking solutions, took 5,988 square feet at 2500 Westchester Avenue. Ammann & Whitney, a design and construction services firm, has committed to 6,249 square feet also at 2500 Westchester Avenue. Additionally, Langan Engineering & Environmental Services, a civil engineering and environmental firm, has signed for 2,578 square feet at 707 Westchester Avenue.
“The Exchange continues to see ongoing leasing activity as a result of our commitment to enhancing the working environments for our tenants,” said James Nugent, Vice President of Normandy Real Estate Partners. “The properties featured at The Exchange present themselves as a series of Class-A office buildings which boast high-end amenities, providing our tenants with a fully-equipped business environment to operate in. Our ongoing improvements to the properties also continue to attract prospective tenants throughout the region.”
Normandy has invested over $30 million in the ongoing redevelopment of The Exchange, which has included exterior building refurbishments, improved parking lots, security and concierge services as well as a new generator at 2500 Westchester Avenue. The capital improvements also include a new bistro and lobby improvements at 701 Westchester Avenue, in addition to fresh signage, café enhancements and newly renovated bathrooms and corridors throughout the buildings.
“The Exchange offers tenants a very rare opportunity in one of Westchester County’s most affluent communities with exceptional access to transportation,” said Brian Carcaterra, Senior Vice President of CBRE. “We have seen strong interest in the property from a variety of companies, and we expect this momentum to continue well into 2014.”
The Exchange encompasses 701-777 Westchester Avenue, 925 and 1025 Westchester Avenue, 2500 and 2700 Westchester Avenue and 103, 105, 106, 108 and 110 Corporate Park Drive, all of which offer immediate access to I-287, I-684 and The Hutchinson River/Merritt Parkways.
Tenants are afforded a variety of on-site amenities such as state-of-the-art fitness centers, full service cafeterias, conferencing facilities, sundry shops and service to each park to and from the White Plains Transportation Center via the Westchester County Bee-Line bus system.
Corporate tenants include J.P. Morgan Chase, Wells Fargo and UBS. Area amenities include over three-hundred hotel rooms located less than one mile from the portfolio in addition to the new Life Time Fitness facility, which is slated to open in 2014.
CBRE Senior Vice President Brian Carcaterra, Vice President Michael McCall and Senior Associate Peter Hansen represented Normandy in the transactions.