| NEW YORK
NEW YORK Oct 22 Normandy Real Estate Partners
said on Monday it has purchased 575 Lexington Ave, a 35-story
office building between 51st and 52nd streets, in a joint
venture with New York Life Insurance Co.
The price tag for the building was $360 million, according
to a source familiar with the deal.
The sellers, Silverstein Properties Inc and pension fund
California State Teachers' Retirement System, bought the
property for $416 million near the height of the market in 2006.
The loan had been modified by special servicer LNR last year.
The 743,240-square-foot office tower had previously been
eyed by Rockrose Development, which did not go through with the
Adam Spies and Douglas Harmon of Eastdil Secured represented
Tenants include New York Sports Club, Cornell University and
the law firm Boise Schiller & Flexner.
Normandy Real Estate Fund III, which includes a German
institutional investor, lead the deal. Normandy said it plans an
extensive renovation for the building, including upgrading the
lobby and overhauling the building's systems.