NEW YORK CITY—Normandy Real Estate Partners and Invesco Real Estate have announced that 1370 Broadway has been acquired by an institutional investor advised by Invesco Real Estate. Industry sources report that the State of Florida Pension Fund purchased the 280,000 square foot property for about $186 million.
Normandy and Invesco both declined to comment at press time. The sellers reportedly picked up the asset two years ago for $123 million, but were able to create a value surge both from market conditions and a recent multi-million dollar renovation of the building, creating a modern lobby atrium and upgraded elevator cabs featuring digital screens for the latest news and updates for tenants. The building was marketed by Bill Shanahan, Darcy Stacom and Paul Gillen of CBRE. The real estate services firm declined to comment.
“Our investment in 1370 Broadway reflects Normandy's commitment to strategically acquire high-quality assets and to then add value for our tenants through first-rate capital improvements, as well as proactive building management and leasing,” says Gavin Evans, partner, Normandy Real Estate Partners. “Our strategy enabled us to increase the value of this leading midtown office property and generate a strong return for our investors. On behalf of the Normandy team, I'd like to thank Invesco for its diligence in making this a smooth transaction for all parties involved.”
Situated between Times Square and Herald Square, 1370 Broadway is close to public transportation including subways, buses and the major hubs of Penn Station and Grand Central Station. The building also neighbors some major retail and office submarkets including Bryant Park, Times Square and Macy's flagship Herald Square store, which is two blocks south.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
