Normandy Real Estate Partners is hungry for a refinancing at three office buildings it’s planning to overhaul.
The New Jersey-based real estate investment firm that specializes in office repositionings is seeking $250 million for a two-building, 610,000-square-foot Financial District complex at 80 and 90 Maiden Lane and $187 million for a 140,000-square-foot Greenwich Village property at 797-799 Broadway, sources told The Real Deal.
At 799 Broadway, the funding would in part go toward the construction of a new, nearly 190,000-square-foot office building replacing the existing office property. Normandy’s partner, Ares Management, has been looking to sell its 50 percent stake.
The existing building, formerly known as the St. Denis Hotel, will be completely vacated this month and readied for demolition this fall, sources said. Perkins+Will is serving as the new building’s architect.
Dustin Stolly
At 80-90 Maiden Lane, Normandy and partners Meadow Partners, AM Property Holding and Kushner Companies are renovating the pair of properties, one 25 stories and the other four stories. The firms are planning to upgrade the retail component, including the former Duane Reade space, and lease the remaining space. The New York State Office of Children and Family Services is in the process of downsizing from three floors to one, sources said.
Normandy has partially owned Maiden Lane since 2014, when it purchased a 50 percent stake with Kushner. Earlier this year, Meadow Partners bought part of the stakes held by Normandy as well as Kushner, which now has a mere 1 percent interest.
Normandy and Ares bought the Broadway building in 2016 for $101 million. Ladder Capital had provided $55 million in financing for that acquisition.
A Newmark Knight Frank team led by Dustin Stolly and Jordan Roeschlaub is leading the financing search on Normandy’s behalf. Normandy and Newmark declined to comment.