NEW YORK CITY-Normandy Real Estate Partners, a national real estate investment manager/operator based in Morristown, NJ, has made its second major buy in Manhattan, acquiring 575 Lexington Ave. for a purchase price of $360 million, GlobeSt.com has confirmed with the company.

The acquisition was made by a 50/50 joint venture between New York Life Insurance Co. and an investor group led by Normandy Real Estate Fund III, which includes a German institutional investor advised by Prudential Real Estate Investors. Adam Spies and Douglas Harmon of Eastdil Secured represented the seller, Metro Fund, a joint venture between Silverstein Properties and an institutional investor.

Normandy – a firm with 17 million square feet of commercial properties throughout the Northeast and Mid-Atlantic regions – has a large presence in Northern New Jersey, but is gradually establishing its footprint in Manhattan. The company recently acquired 1370 Broadway in Midtown, making 575 Lex its second commercial office purchase in New York City.