New York, NY – December 19, 2016 – Normandy Real Estate Partners, a leading real estate operator and fund manager, today announced the sale of 125 W 25th Street to the Swiss pension fund AFIAA.
Since acquiring the 12-story, 138,000 sf property in July 2013, Normandy and their partners Waterbridge Capital and NTT Urban Development completed a number of milestones that made 125 W 25th Street one of the most attractive office buildings for prospective tenants in the heart of Manhattan’s Midtown South business district. They initiated a $20 million capital improvement campaign that involved upgrades to the lobby, new enlarged windows, new elevators, high ceilings of 13 to 15 feet, new building systems, new basement, and a new roof terrace and penthouse. The building received the coveted LEED Gold Certification for sustainability. Additionally, Normandy signed indoor cycling company Peloton for their new 52,600 sf world headquarters.
“When we acquired 125 W 25th Street in 2013, we were attracted to the location – in the middle of Manhattan's technology and media center – and we had a vision of how we could redevelop the asset to set it apart from other buildings in the area and that would draw in future tenants,” said Paul Teti, Principal of Normandy Real Estate Partners. “That vision came to life in just three years, in coordination with Waterbridge and NTT, by creating a state-of-the-art facility that became the perfect new home to fitness powerhouse Peloton. We’d like to thank AFIAA in making this a smooth transaction.”
The seller was represented by Adam Spies, Doug Harmon, Kevin Donner and Adam Doneger of Cushman & Wakefield and the buyer was represented by Samuel Lefkowitz.
125 West 25th Street is located between Sixth and Seventh Avenues – approximately one block west of Madison Square Park. The address straddles the Chelsea and Flatiron submarkets within Midtown South, currently one of the most desirable submarkets in the country, particularly for technology, advertising, media, and information companies. The property offers 11,600 square foot floor plates with open layouts and light on three sides, resulting in a bright, collaborative work setting.
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 totaling approximately $1.5 billion of equity commitments. Normandy’s existing portfolio includes 13.2 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, 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.