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Normandy Acquires 575 Lex For $360M

NEW YORK CITY-The company’s senior vice president Paul Teti tells GlobeSt.com’s Jacqueline Hlavenka that the 743,240-square-foot building will be upgraded to 2012 standards.

By Jacqueline Hlavenka | Updated on October 22, 2012

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.

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