The three latest tenants are Pennant Capital Management, Chatham Asset Management and Lazard Asset Management, according to O'Keefe. Normandy was represented in the separate transactions by David Simson, president, and associate Tom Rapone of GVA Williams New Jersey, Parsippany. Details of the leases were not released; the building's remaining availability is currently listed with an asking price of $38.50 per sf plus tenant electric.
Located at 26 Main St., the property has been in Normandy's portfolio since late 2006. As reported by GlobeSt.com, it came into the investment management firm's possession as part of a 13-building, $538-million portfolio acquisition from Morgan Stanley Real Estate following the latter's acquisition of Glenborough Realty Trust. Glenborough had acquired it earlier in 2006 from Pinnacle Commercial for $17 million, or approximately $268 per sf.
Normandy recently completed a capital improvement program on the 35-year-old building, involving its exterior, common areas, landscaping and mechanical systems. The three new tenants join Pinnacle Ltd., Appaloosa Management and MediMedia Group on the tenant roster.
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