Cornell University Renews, Expands at 575 Lexington Avenue
By Gus Delaporte October 9, 2013 7:30 amreprints
Cornell University has signed a 15-year, 182,320-square-foot lease for its Weill Medical College at 575 Lexington Avenue, The Commercial Observer has learned. The tenant has extended its existing lease long term and expanded its space by 35,000 square feet at the base of the Plaza District tower.
Acquired by Normandy Real Estate Partners in 2012, 575 Lexington Avenue is currently undergoing an extensive repositioning and is set to be reintroduced to the market early next year following a major capital improvement plan, which includes a renovation of the building’s lobby.
“To renew a very prestigious anchor tenant in the base of the building and have them expand is a fantastic way to kick off the repositioning of the asset,” said Paul Glickman, vice chairman at Jones Lang LaSalle, who represents the landlord.
Floor plates at the 35-story building range from nearly 10,000 square feet in the tower to over 40,000 square feet in the base of the building. Once brought to market, over 60,000 square feet of contiguous space will be available on 16th through 18th floors, with full tower floors also available.
“The building is positioned for office users,” Mr. Glickman noted. “The tower is going to appeal to a wide variety of tenancy, particularly boutique financial services firms.”
Elsewhere in the building, Janney Montgomery Scott has recently inked an expansion deal of over 9,000 square feet, bringing the financial services firm’s footprint at 575 Lexington Avenue to approximately 31,400 square feet.
Mr. Glickman represented Normandy alongside Mitti Liebersohn, Steven Rotter, Diana Biasotti and Brittany Wunsch. The tenant was represented by John Cefaly, Michael Burgio and David Berke of Cushman & Wakfield, John Adams of John Adams Company, and Albert Duryea of ITRA. Janney Montgomery Scott was represented by Ken Rapp of CBRE.