Normandy Trades Repositioned NYC Office Tower
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125 W. 25th St., Manhattan
New York—Normandy Real Estate Partners has sold the Manhattan office tower at 125 W. 25th St. for $150 million, handing the keys to AFIAA, a Swiss pension fund. Three appears to be a magic number for Normandy; the company sold 125 W. 25th for nearly three times the amount it paid to purchase the 140,000-square-foot property—approximately $54.6 million—out of foreclosure three years ago.
SBL Enterprises brokered the transaction with AFIAA.
The property at 125 W. 25th recently emerged from a $20 million makeover. Normandy kicked off a redevelopment program soon after acquiring the Midtown South building. The real estate operator and fund manager shuttered the doors of the 11-story property and with the assistance of architectural firm Mancini Duffy, transformed the Silicon Alley building into a haven for the TAMI set, offering large floor plates with open floor plans, a rooftop office penthouse, terraces and amenity space—and an efficiency level that’s eight percent higher than that of similar buildings in the submarket…
