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QUINCY, MA-Normandy Real Estate Partners has purchased its first Massachusetts property with the multimillion-dollar acquisition of a 129,781-sf, fully occupied office here. Jeffrey Gronning, managing principal with Normandy, tells GlobeSt.com that the 150 Newport Ave. building, leased through April 2007 by State Street Bank, is just the first in a string of several properties the privately owned real estate investment and management firm hopes to acquire in the Bay State.

“We are definitely targeting Boston for other investment opportunities,” says Gronning. Normandy’s latest acquisition, a four-story building located just off the Southeast Expressway about eight miles from Downtown Boston, was acquired from an institutional investor advised by Morgan Stanley Real Estate, Gronning says. Citing a confidentiality agreement, Gronning declined to name the seller or the price paid for the property but said the acquisition cost the Morristown, NJ-based Normandy several million dollars.

Gronning says it fit Normandy’s strategy for acquiring value-added properties in prime markets between Boston and Washington, DC. “We think it’s a good value-added opportunity. There’s good cash flow, high yield and we think it will be attractive to tenants looking for blocks of space in the Route 128 market.” Normandy will assume management duties at the building.

The purchase comes just two weeks after Normandy and its partner, theLandis Group, signed a $217-million agreement to sell 1370 Ave. of the Americas in New York City to Principal Real Estate Investors, the real estate investment arm of Principal Global Investors. The JV had picked up the site in 2002 for approximately $148 million.

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