Principal pays $217m to buy 1370 Sixth Avenue.Principal Real Estate Investors A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. , the real estate investment arm of Principal Global Investors, has signed an agreement to acquire 1370 Ave. of the Americas in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. for approximately $217 million. The building is currently owned by a partnership between Normandy Real Estate Partners and The Landis Group. "This is prime office space in New York City," said Frank Orioli, director of Principal Real Estate Investors. "We secured this agreement before the property was formally marketed for sale by taking a proactive approach with the building's current owners, Normandy Real Estate Partners and The Landis Group." The 336,000 square foot, 35-story office tower is located at the southeast corner of West 56th Street and Avenue of the Americas. Featuring stunning views of Central Park and the Hudson River Hudson River River, New York, U.S. Originating in the Adirondack Mountains and flowing for about 315 mi (507 km) to New York City, it was named for Henry Hudson, who explored it in 1609. Dutch settlement of the Hudson valley began in 1629. , 1370 Ave. of the Americas is more than 96 percent leased to tenants such as JP Morgan Chase & Co., Absolut Vodka vodka (vŏd`kə), traditional spirituous drink of Russia, the Baltic states, and Poland; it is now consumed internationally. The best vodka is distilled from rye and barley malt, but the cheaper corn and potatoes are commonly employed. , Liberty Partners, Miss Universe and U.S. Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Partners. The Normandy/Landis partnership acquired the property in June 2002 when the property was under 70 percent leased. At that time, the Harley-Davidson Cafe occupied the ground floor retail space. Normandy and Landis replaced the cafe with J.P. Morgan Chase and Duane Reade Duane Reade is a chain of drugstores/convenience stores, primarily located in New York City. History Founded in 1960, the chain started with three stores, named after the location of the company's warehouse between Duane and Reade Streets on Broadway in lower Manhattan. and upgraded the building's plaza and facade, markedly improving the building's image. "Our investment in 1370 Avenue of the Americas was consistent with our strategy to acquire high quality assets where we can add value through proactive management and leasing," said David Welsh David Welsh (c. December 11, 1793–April 24, 1845) was a Scots divine and academic. He was professor of Church History in the University of Edinburgh. He was Moderator of the General Assembly of the Church of Scotland on the occasion of the Disruption of 1843, and , Managing Principal of Normandy. "Having completed our business plan, it was a logical time for us to sell the property." Principal Real Estate Investors acquired the building on behalf of the Principal U.S. Property Account and plans to close on the transaction before the end of year. Normandy and Landis will retain management and leasing responsibility for the property. Douglas Harmon and Adam Spies of Eastdil Realty represented the sellers in the transaction. |
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