{"id":1004048905,"date":"2012-10-23T08:28:01","date_gmt":"2012-10-23T16:28:01","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004048905"},"modified":"2022-12-06T15:27:27","modified_gmt":"2022-12-06T23:27:27","slug":"normandy-real-estate-jv-grabs-575-lexington-in-manhattan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/normandy-real-estate-jv-grabs-575-lexington-in-manhattan\/","title":{"rendered":"Normandy Real Estate JV Grabs 575 Lexington in Manhattan"},"content":{"rendered":"<p><em>By Barbra Murray, Contributing Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/10\/575-Lexington.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004048907\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/normandy-real-estate-jv-grabs-575-lexington-in-manhattan\/575-lexington\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/10\/575-Lexington.jpg\" data-orig-size=\"466,733\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"575 Lexington\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/10\/575-Lexington.jpg?w=466\" class=\"alignleft size-medium wp-image-1004048907\" title=\"575 Lexington\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/10\/575-Lexington.jpg\" alt=\"\" width=\"190\" height=\"300\" \/><\/a><\/p>\n<p>The 743,200-square-foot Manhattan office tower at 575 Lexington Ave., which last changed hands in 2006 for $400 million, has come under new ownership. An investment group led by Normandy Real Estate Partners&#8217; Normandy Real Estate Fund III, which includes a German institutional investor advised by Prudential Real Estate Investors,\u00a0 teamed with New York Life Insurance Co. in the 50\/50 joint venture acquisition of the property from Metro Fund.<\/p>\n<p>Financial terms of the transaction have not been disclosed, but Normandy has offered some context. In a prepared statement, Gavin Evans, principal with Normandy puts the price in perspective, noting that &#8220;the acquisition of 575 Lexington Avenue represented an opportunity to acquire a high-quality building in a premiere location at a significant discount to replacement cost.&#8221;<\/p>\n<p>The sale of 575 Lexington by Metro Fund, a joint venture between Silverstein Properties and an institutional investor, comes as little surprise. In 2010, two loans on the asset totaling $320.6 million, were transferred to special servicing.<\/p>\n<p>Normandy and partners have big plans for the property, also known as the SkyGrid Building. Normandy Real Estate Management and MPI will manage the 35-story building and oversee an extensive renovation program designed to position the property to benefit from its favorable location in the city. As noted in a report by commercial real estate services firm Jones Lang LaSalle, which has been tapped to spearhead leasing at 575 Lexington, the Plaza District remains the nation&#8217;s top and largest enclave of trophy-quality buildings. In the third quarter, the direct vacancy rate for Class A properties in Manhattan was 8.4 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 743,200-square-foot Manhattan office tower at 575 Lexington Ave., which last changed hands in 2006 for $400 million, has come under new ownership.<\/p>\n","protected":false},"author":969,"featured_media":1004048907,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,11,21742,21747],"tags":[],"class_list":["post-1004048905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midatlantic","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Normandy Real Estate JV Grabs 575 Lexington in Manhattan - 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