The Real Deal New York

Normandy set to unload 1370 Broadway for $186M

Firm selling Midtown office tower to Florida pension fund at big profit

April 02, 2014 02:30PM

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Normandy’s Finn Wentworth and 1370 Broadway

Normandy Real Estate Partners has entered into contract to unload a 275,000-square-foot office building at 1370 Broadway near 37th Street for $186 million.

The potential buyer is the State of Florida Pension Fund. Invesco Real Estate served as adviser on the deal, while CBRE brokers Bill Shanahan and Darcy Stacom marketed the site. Normandy acquired the property for $123 million from Sitt Asset Management and Carlton Associates in 2012, as The Real Deal reported.

Over the last few years, the owner renovated the lobby and hiked asking rents for office space to the mid-$50s per square feet.

Florida’s state pension fund lost $250 million invested in Stuyvesant Town and Peter Cooper Village in 2009, as previously reported. [NYP, 3rd item]Mark Maurer

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