Normandy Buys Half Share in Maiden Lane Office Buildings

NEW YORK CITY—Normandy Real Estate Partners is purchasing an approximately 50% ownership interest in the 80 and 90 Maiden Lane office buildings here.

The Morristown, NJ-based real estate investment firm is acquiring the half stake in the properties from real estate investor Joe Chetrit, who owned the twin office buildings with AM Property Group, according to Crain's New York Business.

With the transaction, Normandy and AM Property Group will jointly own the majority interest in the properties. The 25-story 80 Maiden Lane building  features almost 560,000 square feet of office space, while 90 Maiden Lane is a four-story, 30,000-square-foot building. New York City landlord Jared Kushner is reportedly partnering with Normandy in the transaction for the half interest in 80 and 90 Maiden Lane and will be taking a minority interest in the new property ownership.

Adam Spies and Doug Harmon, brokers at Eastdil Secured, arranged both sales transactions. Harmon declined to comment to Globest.com concerning the transaction.

Normandy plans to renovate 80 and 90 Maiden Lane, which will include improvements to 80 Maiden Lane's lobby and common areas. See story in Crain's New York Business.