Normandy Flips 212,000-SF Office Building

"The principals of Normandy Real Estate Partners are focused on Normandy Real Estate Fund, a discretionary real estate fund, with purchasing power of approximately $1.8 billion, which recently closed," Raymond Trevisan, principal and general counsel of the firm, tells GlobeSt.com. "Parkway 120 was one of the remaining 'pre-Fund' assets, and it made sense to sell Parkway 120 at this time, to maximize investment return." Geoff Schubert, senior vice president of CB Richard Ellis, Saddle Brook, NJ, and senior associate John Kaye represented the Morristown, NJ-based Normandy in the transaction.

Located at 90 Matawan Rd., the 212,000-sf class A building takes its name from its proximity to Exit 120 of the Garden State Parkway. Normandy tagged it with that moniker in early 2005 after it acquired the asset from Conexant Systems for a reported $23.5 million, or about $115 per sf.

As reported by GlobeSt.com., Normandy bought the building vacant, with its interior unfinished, from Conexant. It was constructed in 2002, intended to be the headquarters of Globespan Virata, a communications products company, which had spent $35 million to build it. Rival chipset maker Conexant subsequently acquired Gloespan Virata and put the asset on the market as surplus property.

Shortly after buying the five-story building, Normandy signed Health Net Inc., a Los Angeles-based health benefits firm, to the full, 42,432-sf top floor for use as a regional office. The initial tenant subsequently moved into its new space in March 2005. That and Normandy's subsequent tenant signings have filled a total of approximately 100,000 sf, leaving just under 112,000 sf currently available. Building amenities include covered parking, high-speed fiber optics, a two-story atrium and a cafeteria.

Normandy, meanwhile, continues to target the Northeast and Mid-Atlantic markets of Boston, Metro New York City, Northern New Jersey, Philadelphia and Washington, DC for acquisitions.