Two Leases Signed for More Than 40K SF at 575 Lexington Avenue
Sara Pepitone March 5, 2015, 5:02 p.m.
Normandy Real Estate Partners has announced two new lease transactions at 575 Lexington Avenue between East 51st and East 52nd Streets.
Cornell University signed a 15-year lease for 30,000 square feet. The 11th floor space will be used for administrative offices. The institution, which first became a tenant in 1998, occupies 210,000 square feet in the 739,040-square-foot building.
Laura Geller Beauty signed a 10-year lease for 10,261 square feet on the 16th floor, relocating from its previous 6,595-square-foot space on the 32nd floor. This serves as the corporate office for the cosmetics company.
“We recently reintroduced 575 Lexington to the market after an extensive capital improvement campaign, and these leases show that tenants are already reacting positively,” said Paul Teti, of Normandy Real Estate Partners in a press release.
Normandy Real Estate Partners purchased 575 Lexington Avenue in 2012. Last month it put the building up for sale, according to Crain’s New York Business.The 35-story building’s lobby, entrance and canopy were renovated last year as part of a capital improvement campaign.
During the renovation, the building was busy. Cornell expanded by 53,000 square feet, and extended its lease for 10 years. Financial services firm Janney Montgomery Scott signed a lease for 31,466 square feet, a representative of Normandy told Commercial Observer.
Built in 1958 the building designed by Sylvan and Robert L. Bien was last upgraded in 2008.
Paul Glickman, Mitti Liebersohn, Steven Rotter, Diana Biasotti, and Brittany Wunsch of JLL represented the landlord in the transaction. They could not immediately be reached for comment.
“Committed ownership and a prime location in the Plaza District have made this a highly attractive property,” said Mr. Glickman in prepared remarks.
John Cefaly, Michael Burgio, and David Berke of Cushman & Wakefield with Albert J. Duryea of New York Realty Group and John Adams of John L. Adams Associates represented Cornell University. They could not immediately be reached for comment.
Laura Geller Beauty was represented by building ownership in-house.