New York Life Insurance Co. will relocate its Westchester general sales office to 777 Westchester Ave. in White Plains. The Fortune 100 company currently is a tenant at 411 Theodore Fremd Ave. in Rye.
The deal was announced by Normandy Real Estate Partners, the New Jersey-based owner of The Exchange, a 14-building, 1.5-million-square-foot office-park portfolio on the I-287 Platinum Mile corridor in Harrison and White Plains. The portfolio includes 777 Westchester, a five-story, 129,475-square-foot class-A office building.
Normandy officials said New York Life signed an 11-year lease for 27,500 square feet of fourth-floor space vacated in the economic downturn by its last tenant, Pernod Ricard USA.
Paul H. Teti, vice president at Normandy Real Estate, said the landlord expects to start construction of the insurer”™s space this fall.
A spokesperson at New York Life headquarters in Manhattan confirmed the lease deal but would provide no further details of the move from Rye and the number of employees that will work in White Plains.
Normandy, which in 2009 acquired and renamed Long Island-based RXR Realty”™s Platinum Mile portfolio in Westchester, has an ongoing multimillion-dollar capital improvements project at The Exchange that includes upgrades to common areas, elevators, bathrooms and lobbies. The landlord said more than 475,000 square feet of leases have been completed there over the last two years.
Brokers from Newmark Knight Frank”™s Greenwich, Conn., office represented Normandy in the deal. New York Life was represented by Cushman & Wakefield Inc. brokers Greg Frisoli and A. Mitti Liebersohn. Liebersohn has since joined Jones Lang LaSalle as vice chairman.