Wells Fargo Advisors has signed a 21,300-square-foot lease at 2500 Westchester Ave. in Purchase and will relocate 75 employees to the building by the end of the year.
The White Plains office for the national financial brokerage will move from 1133 Westchester Ave. The leasing deal marks the largest in Westchester County by square footage for the first couple months of 2019.
CBRE Group Inc. represented the landlord, Normandy Real Estate Partners LLC, in the deal, while Paul Kauffman of Jones Lang LaSalle represented Wells Fargo Advisors. Asking rent in the deal was $27 per square foot, according to CBRE.
The glass-paneled 2500 Westchester Ave. is a part of Normandy”™s Westchester Avenue portfolio, marketed as The Exchange, which includes six other office buildings totaling just under a million square feet. The portfolio has shrunk in the past couple years, as 500,000 square feet worth of vacant Exchange office buildings on Corporate Park Drive in Harrison have been knocked down to give way for apartments from Toll Brothers and a Wegmans grocery store. Normandy also sold two buildings on Westchester Avenue totaling about 200,000 square feet to RPW Group last year.
But Normandy is apparently investing in the remaining Exchange buildings, including $3 million in renovations last year across the buildings, CBRE said. A new tenant fitness center, conference facility and renovated cafeteria helped the 2500 Westchester Ave. building land Wells Fargo Advisors, according to CBRE’s Brian Carcaterra. He worked on the deal along with CBRE’s Michael McCall and Kellene Callahan.
