Normandy Real Estate Partners and NTT Urban Development Corporation Announce Strategic Partnership


New York, NY – April 20, 2017 – Normandy Real Estate Partners, a leading real estate operator and fund manager, and NTT Urban Development Corporation (“NTTUD”), a comprehensive real estate company based in Japan, and a subsidiary of the listed company Nippon Telegraph and Telephone Corporation, today announced that they have entered into a strategic partnership as of April 1, 2017.

Under the deal, NTTUD has acquired a 15 percent common equity interest in Normandy’s management platform that will allow Normandy to better meet the growing needs of its investor base. The alliance will expand both organizations’ growth initiatives in real estate investment in Normandy’s target markets of New York City, Boston and Washington, D.C. with a focus on office and mixed-use properties in urban and transit-oriented locations. Normandy will continue to be overseen and controlled by its three founders and partners, Finn Wentworth, David Welsh and Jeff Gronning, and will continue to raise commingled real estate funds and joint ventures going forward.

“Our goal when we first started looking at the U.S. market in 2013 was to identify a best-in-class real estate operator, and we chose Normandy based on their strong track record and local expertise,” said Hideyuki Yamasawa, Executive Vice President, Global Business Department, NTT Urban Development. “Following our initial co-investment in Normandy Real Estate Fund III’s 119 W. 25th Street project, we have made a total of five co-investments. With these successful investments, we have now decided to expand the relationship.”

“Today’s news puts Normandy in a position to continue delivering superior results for all of our investors and partners,” said Finn Wentworth, Founder and Partner, Normandy Real Estate Partners. “Japanese investors are expected to be a growing and important source of equity capital targeting real estate investment in the U.S. Our affiliation with NTTUD will leave us strategically well positioned for future growth.”

About Normandy Real Estate Partners
Normandy Real Estate Partners is a leading real estate investment management firm and operator with offices in New York City, Boston, Washington, D.C. and New Jersey with a track record spanning 20 years. The firm is a vertically-integrated investment and operating platform with a total of 120 employees with broad real estate experience in areas such as acquisitions, investment management, leasing, property management, construction/development and accounting. Our focus is primarily on acquiring office and mixed-use investments located in the Northeast and Mid-Atlantic CBD and transit-oriented submarkets where we own and operate one of the largest private real estate portfolios in the region totaling over 14 million square feet and a development pipeline of four million square feet. Our deep local relationships, vertically-integrated capabilities, and diversely-experienced team give us a distinct advantage, which enables us to consistently turn under-achieving real estate into exceptional high-yielding investments.

Normandy’s management platform is focused on two complementary investment strategies: i) value-add: a series of closed-end, fully-discretionary investment funds, backed by some of the world’s most prestigious institutional investors; and ii) core-plus: a series of separately-managed accounts for domestic and foreign institutional investors. Normandy currently manages approximately $1.5 billion of equity capital, representing total asset value of $3.3 billion. For more information visit

About NTT Urban Development Corporation
NTT Urban Development Corporation is a real estate developer based in Japan, listed in the Tokyo Stock Exchange. As a real-estate arm of the NTT Group, and a leading commercial developer with over 30 years of experience, our major business focus is to develop and manage a diverse portfolio ranging from office, residence, retail, hotel and resorts.  Since our first global investment in London in 2009, our global activity has been continuously expanding to regions abroad. Currently our business base reaches out to the United States, the United Kingdom, Australia and Asia with multiple investments acquiring office, mixed-use and residential land with value-add opportunities. As of FY2015, our AUM is 1,033 billion yen.