Newmark Holdings and Northwind Group sign 14,800 s/f office lease

40 Exchange Place - Manhattan, NY

Manhattan, NY According to Newmark Holdings and Northwind Group, the law firm Kaufman Dolowich & Voluck, LLP has signed a 10-year, 14,800 s/f lease for the entire 20^th floor at 40 Exchange Place, a 20-story, 300,000 s/f office and retail building located in the Financial District, near  the New York Stock Exchange, the Fulton St. transportation hub and the World Trade Center complex. The tenant is relocating and expanding their operations from 60 Broad St.

Allen Gurevich, Newmark Holdings

The lease was revealed by Newmark’s co-CEOs Brian Steinwurtzel and Eric Gural, and Northwind’s managing partner Ran Eliasaf. Allen Gurevich of Newmark represented the ownership, while Andrew Beckler of Blue Rock Bay Real Estate acted on behalf of the tenant.

In November 2015, Newmark and Northwind acquired 40 Exchange Place and have since enacted a comprehensive capital improvement program for the property, which is still underway. Ownership has devoted major resources toward improving all tenant spaces and building systems in the property, including a new lobby, common areas, elevator cabs, façade restoration, new storefronts, roof, fire alarm, sprinklers, tenant HVAC systems and restrooms bringing the property to 21^st century standards.

“We are delighted to welcome prestigious law firm Kaufman Dolowich & Voluck to 40 Exchange, where we recently executed a total renovation and upgrade,” said Steinwurtzel. “The commitment by the tenant speaks to our exceptional asset management skills, as we are continually looking to invest in each of our assets in order to provide our tenants with the best experience possible.” 

“This new lease symbolizes the transformation of 40 Exchange Place into a best-of-its-class office building,” said Eliasaf. “Our capital improvement program is geared towards turning this property into a very beautiful and unique building which will cater companies seeking a quality FiDi location.”

Newmark Holdings, led by Jeffrey Gural, Eric Gural and Brian Steinwurtzel, is a vertically integrated owner, operator, property manager and developer of commercial real estate with its 63-year-history of hands-on asset management and portfolio of more than 13 million square feet of commercial space throughout New York City.

Northwind Group led by Ran Eliasaf, is a privately-owned Manhattan based owner/operator of value-added real estate properties predominantly in downtown Manhattan. Northwind owns a diverse portfolio comprised of office, residential, retail and hospitality assets.