NEW JERSEY—Morristown, N.J.-based Normandy Real Estate Partners has acquired 575 Lexington Ave., a 743,240-sq.-ft., 35-story office building located in Manhattan’s Plaza District. The acquisition was made by a 50/50 joint venture between New York Life Insurance Company and an investor group led by Normandy Real Estate Fund III, which includes a German institutional investor advised by Prudential Real Estate Investors.
Adam Spies and Douglas Harmon of Eastdil Secured represented the seller, Metro Fund, a joint venture between Silverstein Properties and an institutional investor.
The property will be co-managed by Normandy Real Estate Management and MPI. Jones Lang LaSalle’s Paul Glickman and Mitti Liebersohn will lead the leasing efforts at the building.
The new ownership plans to embark on a capital improvement campaign at the property, which will include a lobby upgrade and overhaul of the building systems.
Originally built in 1958, 575 Lexington Ave. contains ground-level retail and an on-site parking garage for more than 200 vehicles. The property is in close proximity to public transportation and includes tenants that represent the legal, education and investment industries. Tenants include New York Sports Club, Cornell University and Boies Schiller & Flexner, among others.