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NEW YORK CITY-Principal Real Estate Investors has inked an agreement to acquire 1370 Ave. of the Americas for approximately $217 million, GlobeSt.com has learned. In 2002, a joint venture of Normandy Real Estate Partners and the Landis Group acquired the site for roughly $148 million.

Built in 1971, the 336,000-sf, 35-story office tower is located at the southeast corner of West 56th Street. It is 96% leased and has a tenant roster that includes AXA Financial, Absolut Vodka, Liberty Partners, Miss Universe and US Realty Partners. JP Morgan Chase & Co. occupies ground-floor retail space. Rents are advertised in the range of $56 to $75 per sf.

PREI is the real estate investment arm of Des Moines-based Principal Global Investors. The firm acquired the building on behalf of the Principal US Property Account. Normandy and Landis, who were represented by Douglas Harmon and Adam Spies of Eastdil, will retain management and leasing responsibility. The transaction is expected to close by the end of the year.

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