From top: Normandy'sFinn Wentworth, David Welsh and Jeff Gronning, and 1370 Broadway

Normandy Real Estate Partners finalized its $125 million purchase of the 275,000-square-foot office building 1370 Broadway today, according to several sources. The sellers were Sitt Asset Management and Carlton Associates, the latter of which is the investment arm for the founders of Duane Reade, the Cohen family.

In November, the transaction was reported to be in contract for the same price to New Jersey-based Normany, which is led by managing principals Finn Wentworth, David Welsh and Jeff Gronning. [more]

If you think that the commercial leasing velocity has slowed down in
Manhattan, all you have to do is look across the Hudson River to New
Jersey and see an office leasing market that has been on life support
for the past few years. According to a recent report issued by CB Richard Ellis on the New
Jersey office market, leasing velocity continued to decline in the
first quarter of this year, asking rents slipped and availability rates
increased from last quarter, closing at 20.43 percent, the first time
the market has hit 20 percent since 2004. In a conference call with analysts, Mack-Cali Realty, one of the
largest owners of office space in New Jersey, noted that rents rolled
down during the quarter by about 6.1 percent compared to the fourth
quarter of 2008. In its core markets, North and Central New Jersey, the
company had roll downs of 6.4 percent and 7.5 percent respectively. [more]