Normandy purchased this landmark building, which overlooks the George Washington Bridge, for approximately $34.0 million. At acquisition, the building was 100% vacant, but was leased entirely by one major financial institution on a long-term basis. Our strategy was to reposition the property by re-leasing the building after negotiating a lease termination with the existing tenant and implementing a major capital improvement program. In less than 21 months, we were able to successfully structure a lease termination, while at the same time identifying a purchaser/user for the property, and selling the asset for approximately $45 million realizing a profit of over $15 million.