Morristown, NJ – April 12, 2016 – Normandy Real Estate Partners, a leading real estate operator and fund manager, today announced that it has acquired Washington D.C.’s iconic National Press Building. The 14-story, 491,000 square foot office, retail and meeting destination has been home to the National Press Club, one of the building’s major tenants, since 1927. The National Press Building acquisition is being made by Normandy on behalf of a large public pension fund client and represents the latest addition to Normandy’s Select U.S. Office core-plus investment program.
“We are very excited about the acquisition of the National Press Building and our increasing level of acquisition activity across the Washington, D.C. region. We look forward to launching a program of targeted capital improvements to this iconic building in order to drive leasing activity and to take full advantage of the improving fundamentals we are seeing in the Washington, D.C. market,” said Jeff Gronning, a Founder and Partner of Normandy.
Located at the intersection of 14th and F Streets NW in Washington’s East End submarket, the National Press Building benefits from an outstanding location, just one block from the Metro Center hub station of Washington’s Metro subway system, and on a primary vehicular route into the city. It enjoys a direct connection to The Shops at National Place, and is situated immediately adjacent to the JW Marriott Hotel, just two blocks from the White House grounds. Other nearby amenities include The Willard Hotel across 14th Street, the Hamilton Live shopping options of Forever 21, H&M and Macy’s along the F Street Shopping District, as well as the 295,000 sf of high-end retail shops and eateries at CityCenterDC.
About Normandy Real Estate Partners
Normandy Real Estate Partners is a leading real estate operator and investment manager headquartered in Morristown, NJ with offices in Boston, New York City and Washington, D.C. Normandy currently manages a series of discretionary real estate funds, separate accounts and joint ventures totaling approximately $1.5 billion of equity commitments. Normandy’s existing portfolio includes 13.7 million square feet of commercial assets, three hotels and numerous land development sites. Normandy targets value added and core-plus office and mixed-used real estate investments in the gateway markets of Boston, Metro New York City 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.