Built in 1971, the 336,000-sf, 35-story office tower is located at the southeast corner of West 56th Street. It is 96% leased and has a tenant roster that includes AXA Financial, Absolut Vodka, Liberty Partners, Miss Universe and US Realty Partners. JP Morgan Chase & Co. occupies ground-floor retail space. Rents are advertised in the range of $56 to $75 per sf.
PREI is the real estate investment arm of Des Moines-based Principal Global Investors. The firm acquired the building on behalf of the Principal US Property Account. Normandy and Landis, who were represented by Douglas Harmon and Adam Spies of Eastdil, will retain management and leasing responsibility. The transaction is expected to close by the end of the year.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
