“When we acquired 125 W. 25th St. in 2013, we were attracted to the location—in the middle of Manhattan's technology and media center—and we had a vision of how we could redevelop the asset to set it apart from other buildings in the area and that would draw in future tenants,” says Paul Teti, principal, Normandy Real Estate Partners.

“That vision came to life in just three years,” he continues, “in coordination with Waterbridge and NTT, by creating a state-of-the-art facility that became the perfect new home to fitness powerhouse Peloton. We'd like to thank AFIAA in making this a smooth transaction.”

The property is located between Sixth and Seventh Avenues, approximately one block west of Madison Square Park. The building straddles the Chelsea and Flatiron submarkets and offers 11,600-square-foot floor plates with open layouts and light on three sides, said to result in a bright, collaborative work setting.

NEW YORK CITY—Normandy Real Estate Partners, has sold 125 W. 25th St. to the Swiss pension fund AFIAA for approximately $150 million, or $1,111 per square foot. The deal just closed on Friday after coming under contract in September.

The seller was represented by Adam Spies, Doug Harmon, Kevin Donner and Adam Doneger of Cushman & Wakefield, which did not respond to a request for comment by press time. The buyer was represented by Samuel Lefkowitz, an independent broker who confirmed the transaction's details to GlobeSt.com.

Since acquiring the 12-story, 138,000-square-foot property in July 2013, Normandy and its partners—Waterbridge Capital and NTT Urban Development—initiated a $20 million capital improvement campaign that involved upgrades to the lobby, new enlarged windows, new elevators, high ceilings of 13 to 15 feet, new building systems, new basement, and a new roof terrace and penthouse.

The building gained indoor cycling company Peloton as a tenant and received LEED Gold certification for sustainability. It also is Wired certified. The occupier leases 52,600 square feet for its world headquarters.

“When we acquired 125 W. 25th St. in 2013, we were attracted to the location—in the middle of Manhattan's technology and media center—and we had a vision of how we could redevelop the asset to set it apart from other buildings in the area and that would draw in future tenants,” says Paul Teti, principal, Normandy Real Estate Partners.

“That vision came to life in just three years,” he continues, “in coordination with Waterbridge and NTT, by creating a state-of-the-art facility that became the perfect new home to fitness powerhouse Peloton. We'd like to thank AFIAA in making this a smooth transaction.”

The property is located between Sixth and Seventh Avenues, approximately one block west of Madison Square Park. The building straddles the Chelsea and Flatiron submarkets and offers 11,600-square-foot floor plates with open layouts and light on three sides, said to result in a bright, collaborative work setting.