NEW YORK CITY—Normandy Real Estate Partners and Invesco Real Estate have announced that 1370 Broadway has been acquired by an institutional investor advised by Invesco Real Estate. Industry sources report that the State of Florida Pension Fund purchased the 280,000 square foot property for about $186 million.

Normandy and Invesco both declined to comment at press time. The sellers reportedly picked up the asset two years ago for $123 million, but were able to create a value surge both from market conditions and a recent multi-million dollar renovation of the building, creating a modern lobby atrium and upgraded elevator cabs featuring digital screens for the latest news and updates for tenants. The building was marketed by Bill Shanahan, Darcy Stacom and Paul Gillen of CBRE. The real estate services firm declined to comment.

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