Normandy acquired the class A asset on behalf of its private equity fund, Normandy Real Estate Fund, LP Cassidy & Pinkard Colliers represented the seller. Holland & Knight was legal counsel to Normandy, and Morgan Stanley provided the mortgage financing.
The building is 94% leased to several investment-grade tenants including the federal government, Time Warner Cable, and consultant Kimley-Horn and Associates. In a statement, Normandy says that the existing leases in the building are approximately 19% below market. Leases for just about all of the tenants--97%--will expire over the next four years, allowing Normandy to raise rents.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
