December 20, 2016
AFIAA Foundation for International Real Estate, headquartered in Switzerland, closed on its largest U.S. acquisition so far. Specifically, the buyer paid $150 million to Normandy Real Estate Partners for a Class A office building in Manhattan’s Chelsea neighborhood.
Adam Spies, Doug Harmon, Kevin Donner and Adam Doneger of Cushman & Wakefield represented Normandy, while Samuel Lefkowitz represented AFIAA.
The 138,000-square-foot, 12-story property at 119-125 W. 25th St. was built in 1906, and underwent a full renovation this past year. The asset is being held in AFIAA’s Global fund, which also has real estate in Austin, TX; Chicago, Philadelphia and Washington, DC.
Normandy Real Estate of New Jersey acquired the asset in 2013 on behalf of Normandy Real Estate Fund III, with partners Waterbridge Capital and NTT Urban Development. The partners spent $20 million on capital improvements, including lobby upgrades, and a new roof, systems, elevators and windows.
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