NEW YORK CITY-Cornell University has renewed and expanded its space at the base of Normandy Real Estate Partners' 575 Lexington Ave. The Ivy League school will now occupy more than 182,320 square feet in a 15-year deal, an expansion of nearly 35,000 square feet.

“Weill Medical College of Cornell University opted to remain and expand at 575 Lexington to continue to take advantage of the building's stellar location” in the Plaza District “and to benefit from the recent building upgrades and extensive capital renovations under way,” says Paul Glickman, vice chairman at Jones Lang LaSalle, who led the team representing the property's ownership. Adds Paul Teti, SVP and co-head of leasing at Normandy, “Cornell University is a distinguished institution that is synonymous with excellence and prestige, and its lease expansion and extension will help further stabilize the asset—and ensure long-term value for Normandy and our investors.”

Glickman's JLL colleagues on the deal included Mitti Liebersohn, Steven Rotter, Diana Biasotti and Brittany Wunsch. Representing Cornell were John Cefaly, Michael Burgio and David Berke, all of Cushman & Wakefield; John Adams from John Adams Co.; and Albert Duryea from ITRA.

Additionally, Normandy said financial services firm Janney Montgomery Scott would expand its current space by 9,185 square feet, for a total of more than 31,400 square feet. CBRE's Ken Rapp represented the tenant.

Last October, GlobeSt.com reported that 575 Lex, formerly owned by a joint venture between Silverstein Properties Inc. and an institutional investor, changed hands for $360 million. The tower's current ownership is a 50/50 JV between New York Life Insurance Co. and an investor group led by Normandy Real Estate Fund III, which includes a German institutional investor advised by Prudential Real Estate Investors.