Newmark Holdings and Northwind Group Acquired the Building in 2015; Implemented Extensive Capital Improvement Program
Newmark Holdings and Northwind Group announced today that they have recently signed 12,004 square feet of leases at 40 Exchange Place, a 20-story, 300,000-square-foot office and retail building located in the heart of Manhattan’s Financial District, just steps from the New York Stock Exchange, the Fulton Street transportation hub and the World Trade Center complex.
The announcement was made by Newmark Holdings co-CEOs Brian Steinwurtzel and Eric Gural, and Northwind Group Managing Partner Ran Eliasaf. In all of the transactions Allen Gurevich of Newmark Holdings represented the ownership
- Aloha, a nutrition subscription service, signed a new 4,413-square-foot lease on part of the sixth floor. The tenant brokers were Dennis Someck and Justin Myers of Lee & Associates NYC.
- Full-service creative agency Decoded Advertising relocated from 21 Penn Plaza to a new 4,216-square-foot prebuilt space on the 15th floor. The tenant brokers were Scott Brown and Richard Johns of Newmark Grubb Knight Frank.
- Insurance provider Stern Agency relocated from 10 East 23rd Street to 2,125 square feet of prebuilt space on the 14th floor.
- K International Transport Co.,Inc., which specializes in logistical international freight services, took 1,250 square feet of space on the fourth floor. The tenant broker was Gabe Isaacs from Keller Williams NYC.
These deals come on the heels of law firm Kaufman Dolowich & Voluck, LLP’s 10-year, 14,800-square-foot lease commitment for the entire 20th floor at 40 Exchange Place.
In November 2015, Newmark Holdings and Northwind Group 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 significantly improving all tenant spaces and building systems in the property, including a new lobby, common areas, elevator cabs, façade restoration, newstorefronts, roof, fire alarm, sprinklers, tenant HVAC systems and restrooms bringing the property to 21st Century standards.
“We are delighted to welcome each of these tenants to 40 Exchange, where we recently executed a total renovation and upgrade,” said Mr. Steinwurtzel. “As always, we remain dedicated to providing all of our tenants with a beautiful space and attentive property management services.”
“These new leases symbolizeour commitment to providing best-in-class assets and we look forward to unveiling the new 40 Exchange Place to the market very shortly,’ said Mr. Eliasaf.
About Newmark Holdings
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.
About Northwind Group
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.
