Morristown, N.J. - December 14, 2011 — Normandy Real Estate Partners, one of the largest real estate developers, owners and operators in the Boston to Washington, D.C. corridor, today announced the acquisition of Center 78, formerly known as 184 Liberty Corner Road, a 371,000 square foot office building located in Warren, New Jersey. Normandy has started an extensive, $12 million capital expenditure program to position the building as a one-of-a-kind asset in the marketplace.

 

Located on 47 acres, Center 78 is conveniently located at Exit 33 off Interstate 78, one of New Jersey’s strongest office sub-markets. The property is at the central hub of the submarket with immediate access to some of the area’s best amenities, such as lifestyle centers at Riverwalk and 100 Marketplace, as well as luxury hotels.

 

“No other building in the market can match our central location, modern infrastructure and large and contiguous floor plates,” said Ray Trevisan, Principal, Normandy Real Estate Partners. “Center 78 is the ideal environment for selective tenants who want to make a signature statement in a campus-like setting, yet still be close to everything a business wants and needs for employees and customers. Center 78 will be a Class A asset that will be advantageous to tenants in many ways, including Normandy’s ability to offer new tenants such high quality office space on extremely attractive transaction terms.”

 

Under Normandy’s capital expenditure program, improvements to the interior will include a new entry façade and expansion of the lobby atrium with new finishes, new bathrooms and elevator cabs, along with state-of-the-art HVAC and life safety systems. Center 78 will also offer tenants a new, full-service cafeteria, a fully equipped fitness center and a building conference center. Normandy will also make significant improvements to the exterior of the building, including the resurfacing of parking lots and entry roads, extensive landscaping, improved lighting and enhanced sign identity.

 

Acquisition financing for Center 78 was provided by Los Angeles-based Mesa West Capital, a privately held portfolio lender and one of the leading providers of first mortgage debt in the United States. Principal Raphael Fishbach, head of the firm's New York City office, originated the financing.

 

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, and Washington DC. Normandy currently manages a series of discretionary real estate funds totaling approximately $1.0 billion of equity commitments. Normandy’s existing portfolio includes 14 million square feet of commercial assets, four hotels and numerous land development sites. Normandy targets value added real estate investments primarily in the Northeast and Mid-Atlantic 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.