News:
Brokerage
Posted: June 20, 2017
Cuddy and Novotny of CBRE arrange 101,000 s/f; JLL reps Sumitomo Mitsui
White Plains, NY CBRE has arranged a 101,000 s/f lease at 1 North Lexington Ave. Sumitomo Mitsui Banking Corp. headquartered in Tokyo, Japan, committed to a 13-year lease at the class A office complex.
The CBRE team of William Cuddy, Jr. and Jacqueline Novotny represented the building ownership, Gateway One Group, in the lease negotiations as the exclusive leasing agents for the prominent White Plains property. Williams Peters, Derek Trulson, Robert Ageloff and Paul Tortora of Jones Lang LaSalle acted on behalf of Sumitomo Mitsui Banking.
“The quality institutional ownership and the property’s phenomenal class A office space, as well as its central location - just a block from the White Plains Metro North Train Station and White Plains Transportation Center - made 1 North Lexington Ave. the ideal location for Sumitomo Mitsui,” said Cuddy.
“Sumitomo Mitsui’s commitment to the property is part of an early trend of the increased interest from New York City tenants coming into downtown White Plains looking for more reasonable rental rates. Tenants value the live, work and play environment and appreciate the advantage of the convenient commute to Manhattan,” said Novotny.
The closing of the Sumitomo Mitsui transaction also marks Cuddy’s two decades as the exclusive leasing agent for Gateway, 1 North Lexington Ave. Over the years, he has worked closely with the ownership to attract such high-profile corporate space users as Alliance Bernstein, GuildNet, Chase Bank, and many others to the buildings roster. The property is now 96% leased.
Tags:
Brokerage
MORE FROM Brokerage
SoHo emerges as America’s most active trophy retail market as investors prioritize quality, Adirondack Capital Partners finds
Manhattan, NY Investors are increasingly concentrating capital in the country’s most coveted retail corridors, with SoHo emerging as the nation’s most active trophy retail market,
Columns and Thought Leadership
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
