HACKENSACK, NJ-Normandy Real Estate Partners has added Continental Plaza to its portfolio, buying the 650,000-sf Downtown office complex for $108.5 million. That price tag factors out to just under $167 per sf.

In the transaction, Normandy and joint venture partners Morgan Stanley and Wafra Investment Advisory Group took the asset from Stellar Management and Brack Capital Real Estate. Barclays Real Estate Capital provided an $88-million loan to Normandy to complete the deal.

“Continental Plaza presented us with an outstanding opportunity to own one of the trophy properties of the Northern New Jersey marketplace,” says David Welsh, Normandy’s managing partner. Welsh co-founded the firm two years ago with Finn Wentworth, former president of the YankeeNets, the holding company for the New York Yankees, New Jersey Devils and New Jersey Nets, and the YES television sports network.

“We will bring to the property a commitment of new capital expenditures,” according to Welsh. “We anticipate elevating its image to new levels.”

Continental Plaza is an 11.9-acre complex that encompasses three office towers, a TGI Friday’s restaurant and a multilevel, interconnected garage with parking for 2,400 cars. Located about five miles from the George Washington Bridge to Manhattan, the asset’s tenant roster includes UBS PaineWebber, Sun Microsystems, Fujitsu Computer Systems, Symbol Technologies, Rreef Funds and the Schubert Organization/Telecharge.

Since its founding in 2002, Normandy has quickly assembled a portfolio of assets totaling 1.8 million sf and valued in the $500-million range. The firm’s investment target markets are the tri-state area of metro New York, and Washington, DC.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.