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GlobeSt.com UPDATE: PREI Looks for Stable Assets

NEW YORK CITY-Principal Real Estate Investors acquires its fourth asset here with today's deal to take 1370 Ave. of the Americas for $217 million.

By Barbara Jarvie | Updated on November 18, 2005

NEW YORK CITY-Principal Real Estate Investors looks for stable assets here in the city. That was evident as the Des Moines-based firm inked an agreement to acquire 1370 Ave. of the Americas for approximately $217 million. It is the fourth asset here acquired by PREI, which counts 1540 Broadway among its holdings.

“This is prime office space in New York City,” Frank Orioli, director of Principal Real Estate Investors, tells GlobeSt.com. “The location in the Plaza district performs well. It’s where all the tenants want to be. We look for stable high-quality assets.” Other key factors in the deal were that the site has good space market fundamentals and park views, company officials note. “We’re very positive about New York.”

Orioli adds that the firm secured the agreement before the property was formally marketed for sale by taking a “proactive approach with the building’s current owners, Normandy Real Estate Partners and the Landis Group.” He adds that the deal was completed in just a few weeks. In 2002, a joint venture of Normandy and Landis acquired the site for roughly $148 million.

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