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

From left: Normandy managing principals Finn Wentworth (top), David Welsh (middle) and Jeff Gronning (bottom), 575 Lexington Avenue and the Weill college crest
From left: Normandy managing principals Finn Wentworth (top), David Welsh (middle) and Jeff Gronning (bottom), 575 Lexington Avenue and the Weill college crest

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.

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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