According to David Welsh, managing principal of Normandy Realty Partners, the partnership expects to invest a significant amount of capital over the next few years to reposition certain buildings at the Riverside Avenue complex for multi-tenant use. Marc Lewis is managing principal of Lexham Private Investors.
Although the complex is 100% leased, it does have some space on the sublease market. The largest block of sublease space is at 285 Riverside Ave. The Integra Group, which has a lease for the entire 50,000-sf building, vacated the property a year ago. Welsh says the ownership hopes to secure tenants on a direct basis to fill the building. The joint venture plans to put a significant amount of its marketing efforts on small locally based financial services companies, he adds.
Welsh says that the firm was attracted to the Riverside properties because it considers Westport "an exclusive high-end market. We felt that the tenant base is less price-sensitive and is really attracted to the location."
The Normandy/Lexham joint venture was formed last year. The Westport transaction marks the firm's second major purchase. In June 2002 it purchased 1370 Ave. of the Americas for approximately $150 million.
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