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HERNDON, VA-Morristown, NJ-based Normandy Real Estate Partners has acquired Northridge I, a six-story, 126,000-sf office building in the Woodland Park Development, for $33.7 million. Normandy did not reveal who sold the building, which is located at 13221 Woodland Park Rd., but according to local comps Equity Office Properties Trust was the previous owner.

Normandy acquired the class A asset on behalf of its private equity fund, Normandy Real Estate Fund, LP Cassidy & Pinkard Colliers represented the seller. Holland & Knight was legal counsel to Normandy, and Morgan Stanley provided the mortgage financing.

The building is 94% leased to several investment-grade tenants including the federal government, Time Warner Cable, and consultant Kimley-Horn and Associates. In a statement, Normandy says that the existing leases in the building are approximately 19% below market. Leases for just about all of the tenants–97%–will expire over the next four years, allowing Normandy to raise rents.

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