Cornell expands to 182K sf at Normandy’s 575 Lexington

October 09, 2013 01:23PM

Cornell University has expanded its presence at Normandy Real Estate Partners’ 575 Lexington Avenue, the landlord announced today. In a 15-year deal, the Ivy League institution’s Weill Medical College will increase its space by nearly 35,000 square feet to 182,320 square feet – representing about 20 percent of the 35-story, 743,000-square-foot tower.

Cornell’s expansion and extension “will help further stabilize the asset – and ensure long-term value for Normandy and our investors,” said Paul Teti, co-head of leasing at Normandy, which owns the building along with New York Life Insurance Company. Last year, Normandy and New York Life paid Larry Silverstein about $360 million for the building.

A Jones Lang LaSalle team headed by Paul Glickman and Mitti Liebersohn represented Normandy, while Cornell was represented by John Cefaly, Michael Burgio, and David Berke from Cushman & Wakefield, John Adams from John Adams Company, and Albert Duryea from ITRA.

“The Plaza District remains one of the most sought-after areas of Manhattan, and the trophy building is well served by mass transportation and a wide range of amenities.” Glickman said in the release. — Hiten Samtani