The Real Deal New York

Three years after $360M buy, Normandy looks to sell 575 Lex

Eastdil Secured marketing 35-story, 610K sf tower

February 19, 2015 04:50PM

From left: Normandy’s Finn Wentworth, 575 Lexington Avenue in Midtown and Eastdil Secured’s Adam Spies

Just three years after paying $360 million for an office tower at 575 Lexington Avenue, Normandy Real Estate Partners is looking to sell.

The real estate investment firm purchased the 35-story, 610,000-square-foot building from a partnership between Silverstein Properties and the California State Teachers Retirement System in 2012. The partnership sold it for $40 million less than they bought it for in 2006 during the boom. Now, Crain’s reported that the property could command even more than its previous peak price of $400 million.

Eastdil Secured is marketing the property for Normandy. [Crain’s] — Tess Hofmann

  • come on

    a flip is when something is turn over to someone else before they close. NOT 3 YEARS LATER.

    • Dereca

      Right on POINT!

    • HitenSamtani

      Thanks, and you’re correct. We’ve made the change – ed.

  • Will it be benefited??? Hope to know the result very soon. Thanks..

    http://bit.ly/15wHYN7

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