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New York

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

Eastdil Secured marketing 35-story, 610K sf tower

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

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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

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Normandy Real Estate Partners