Based on these new improvements currently underway, Normandy has seen increased leasing volume at the office park, totaling over 475,000 square feet of leases executed over the last two years. Now with New York Life in the mix, Teti expects interest in the site to continue to grow. Asking rents start at the mid-$20s per square foot. “One of the first questions we are getting especially from credit tenants like New York Life is that they want to know about the stability of the ownership,” he says. “The fact that people know that we had this recapitalization but more importantly, to be able to actually commit to those things in the lease document was really important,” explaining that the recap was “an important feature” for tenants that make longer-term decisions, like New York Life.

The office park also has direct access to major highways such as I-287, I-684 and I-95, as well as the Hutchinson and Bronx River Parkways. “One of the biggest things specifically for our company with New York Life’s profile was to be able to have the signage and visibility of the building from Westchester Avenue to Route 287,” Teti says. “The building really has great exposure and was really an important element for them.”

Brian Carcaterra, a principal at Newmark Knight Frank, the leasing agent for the property, says in a statement that Normandy’s multi-million renovation currently taking place has helped create a “vibrant environment” for tenants that will only get better with time. “Normandy has been executing flawlessly on its strategy to rejuvenate The Exchange portfolio – and luring a tenant as highly prized as New York Life Insurance Company speaks to the landlord’s dedication to listening to its tenants’ needs and making good on fulfilling them,” he says.