Morristown, NJ - April 20, 2012 — Normandy Real Estate Partners, one of the largest real estate developers, owners and operators of commercial office buildings nationally, announced the acquisition of 1370 Broadway, a 280,000 square foot, 17 story office building located in the Times Square South submarket of Manhattan.
A valuable addition to Normandy’s portfolio, 1370 Broadway anchors a fast-growing, rapidly transitioning neighborhood easily accessible to commuters and New Yorkers alike. 1370 Broadway benefits from great light and air flow. It is situated at the southeast corner of 37th and Broadway with unobstructed views of 6th Avenue to the east and views to the south over a landmarked seven story building. With boutique 17,000 square foot floor plates and slab-to-slab heights of 13’, 1370 Broadway will attract a wide range of corporate users.
“We are excited about being in the heart of the emerging dynamics of Broadway between Herald Square and Times Square. This area offers a great opportunity to leverage our operating platform to take advantage of the resurgence of this neighborhood and with our business plan improve the building’s profile in the market,” said Gavin Evans, Principal, Normandy Real Estate Partners. “1370 Broadway is an ideal asset that will be equally enjoyed and advantageously utilized by our current and future tenants.”
1370 Broadway is a classic building, conveniently located between the Times Square and Herald Square areas of midtown Manhattan. The close proximity to public transportation including subways, buses and the major hubs of Penn Station and Grand Central Station provides tenants with a covenient and easily accessible work location. In addition, 1370 Broadway is located in close proximity to some of Manhattan’s top retail and office submarkets including Bryant Park, Times Square and Macy’s flagship Herald Square store which is two blocks south.
About Normandy Real Estate Partners
Normandy Real Estate Partners is a vertically-integrated real estate private equity fund manager headquartered in Morristown, NJ with offices in Boston, New York City, Los Angeles and Washington DC. Normandy currently manages a series of discretionary real estate funds totaling approximately $1.5 billion of equity commitments. Normandy’s existing portfolio includes over 15 million square feet of commercial assets, four hotels and numerous land development sites. Normandy targets value added real estate investments in the gateway markets of Boston, Metro New York City, Los Angeles, San Francisco, and Washington, D.C. where opportunities exist to enhance value through creative repositioning, financial restructuring, intensive management, and capital improvements. For more information visit www.normandyrealty.com