Jeff Gronning, a Normandy managing principal, tells GlobeSt.comthat the 400 Fifth Ave. building, which was acquired from on behalfof Normandy Real Estate Fund LP, will undergo more than $1 millionin renovation work in the next few months. Although the scope ofthat renovation has not yet been determined, Gronning says it willinclude the building's facade, common areas and landscaping.

The acquisition, the second by Normandy in the past four months,reflects the investment group's continued confidence in thesuburban Boston office market, Gronning notes. "The combination ofoutstanding location and robust tenant demand offers tremendousupside potential and is a great fit for the fund's investmentrequirements."

The property is currently about 60% occupied but with severalleases expiring in September, that rate will drop to between 30%and 40%. Gronning says the firm expects the renovation work alongwith an aggressive marketing campaign to enable Normandy to quicklyreposition the asset.