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Schumer Lauds New AXA Equitable 15 Year Lease In Downtown Syracuse

Senator Played Key Role In Effort To Keep AXA As An Anchor Business Downtown

U.S. Senator Charles E. Schumer today announced that AXA Equitable has signed a new 15 years lease with Towers Realty Statutory Trust. The lease is for around 316,000 rentable square feet of space and goes until 2023. This new lease ensures that AXAs nearly 1,000 employees will remain in downtown Syracuse. It is projected that this lease will lead to 600900 jobs short term, and up to 1200 down the road.

"This is tremendous shot in the arm for Syracuse," Schumer said. "AXA is an anchor business for the downtown area. Their decision to stay downtown and grow their business there shows why Central New York should be on the map for other companies looking to grow and expand.

In connection with the new lease, AXA Equitable will make investments in this space, including a new cafeteria, conference center, and data technology facility. The twoyear remodeling project is expected to begin in 2007. Towers Realty Statutory Trust, the landlord, has committed to refurbish certain common areas, including the lobbies and elevators.

AXA has been a staple in downtown Syracuse starting in 1966, when its affiliate, MONY Life Insurance Company, opened the first of the two 19story towers, plus the connector wing. The second tower was completed in 1973. In 1988, MONY engaged in a saleleaseback transaction which culminated in its taking a 20year lease on the property; this lease is set to expire Dec. 31, 2008. The new lease commences on Jan. 1, 2009, and runs through Dec. 31, 2023. AXA Equitable Life Insurance Company is the principal life insurance subsidiary of AXA Financial, Inc., providing life insurance, annuities and other needsbased products and services for the financial services market.

"The bottom line is good jobs and good jobs alone will ensure the rebirth of Central New York, and I want to congratulate AXA, Mayor Driscoll and the MDA for this announcement of the decision today," Schumer added.

Schumer was pivotal in lobbying AXA to move jobs to Syracuse two years ago. He has worked closely with economic development officials, the MDA and Norton Herrick, AXAa landlord to keep AXA from moving out of downtown.