Significant Investment by AXA Equitable in Downtown Syracuse
New York, October 12, 2006 - AXA Equitable Life Insurance Company announced today that it has signed a new lease for offices at 100-120 Madison Street in downtown Syracuse, N.Y. The lease is for approximately 316,000 rentable square feet of space and goes to 2023. The announcement was made by Christopher M. "Kip" Condron, Chairman and Chief Executive Officer of AXA Equitable.
"This new lease ensures that our nearly 1,000 employees will remain at AXA Towers, continuing a relationship with the city of Syracuse that began in 1966," said Condron.
"We're proud to make this commitment to downtown Syracuse," said Mary Beth Farrell, Executive Vice President of Service Delivery for AXA Equitable. "This central location is a great benefit for our employees, and the planned space renovations will ensure that they will have the right work environment for the duration of our new lease."
In connection with the new lease, AXA Equitable will make a significant investment in its space, including a new cafeteria, conference center, and data technology facility. The two-year remodeling project is expected to begin in 2007.
In addition to AXA Equitable's new tenant improvements, the property owner, Towers Realty Statutory Trust, has committed to refurbish certain common areas, including the lobbies and elevators.
The company's presence in downtown Syracuse dates from 1966, when its affiliate, MONY Life Insurance Company, opened the first of the two 19-story towers, plus the connector wing. The second tower was completed in 1973.
In 1988, MONY engaged in a sale-leaseback transaction which culminated in its taking a 20-year 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.
About AXA Equitable
AXA Equitable Life Insurance Company is the principal life insurance subsidiary of AXA Financial, Inc., providing life insurance, annuities and other needs-based products and services for the financial services market, co-distributed by AXA Advisors, LLC, and AXA Distributors, LLC, New York, NY 10104. AXA Financial is one of the premier U.S. organizations providing financial protection and wealth management through its subsidiaries, and had approximately $693.7 billion in assets under management as of June 30, 2006 . AXA Financial is a member of the global AXA Group, which had $1.39 trillion in assets under management as of June 30, 2006. All guarantees are based on the claims-paying ability of the issuing company, AXA Equitable Life Insurance Company (AXA Equitable) or MLOA.