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.

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