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Deals & Dealmakers

Northwestern Mutual expands NYC footprint

Financial services company Northwestern Mutual is expanding its New York footprint, leasing two new offices in Harlem and Cedarhurst.

In Harlem, the company leased 4,000 s/f of office space at 1825 Park Avenue (pictured top) in a deal brokered by JLL.

1825 Park Avenue, AKA The Lee Building

And at 425 Central Avenue in Cedarhurst, Northwestern took 5,000 s/f of office space in a five-year deal brokered with The Andrews Organization.

According to TRD, Savanna recently listed the 135,000 s/f Lee Building for sale at $75 million. Savanna, investment firm, headed by Christopher Schlank and Nicholas Bienstock, bought the building for $48 million in 2015.

As well as the deal with Northwestern Mutual, Beth Israel Medical Center also recently expanded its lease in the property, according to TRD.

“This exciting expansion is an opportunity to deliver financial planning solutions to historically underserved communities,” said Tim Gerend, chief distribution officer, Northwestern Mutual.

“We’re looking forward to developing deep community relationships in both Harlem and Cedarhurst – providing meaningful financial guidance to clients and offering rewarding career opportunities to current and future advisors.”

Financial Advisor Anthony Williams will oversee the Harlem office, comprised of several financial professionals who grew up in the neighborhood or nearby in the Bronx.

Financial Advisor Moshe Alpert will lead the Cedarhurst office in the predominately Orthodox Jewish community of Five Towns Long Island.

Williams and Alpert will work in close partnership with Managing Partner Steve Abbass, who collaborated with Northwestern Mutual’s new Distribution Growth Ventures group to identify the opportunities in Harlem and Cedarhurst. Northwestern Mutual Distribution Growth Ventures is focused on underpenetrated market expansion, competitive recruitment and other innovation within the company’s distribution system.

Northwestern Mutual delivers financial solutions to more than 4.6 million people with life, disability income and long-term care insurance, annuities, and brokerage and advisory services. The company manages more than $161 billion of investments owned by its clients and held or managed through its wealth management and investment services businesses.

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