NEW YORK CITY—Normandy Real Estate Partners and Invesco RealEstate have announced that 1370 Broadway has been acquired by aninstitutional investor advised by Invesco Real Estate. Industrysources report that the State of Florida Pension Fund purchased the280,000 square foot property for about $186 million.

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

“Our investment in 1370 Broadway reflects Normandy's commitmentto strategically acquire high-quality assets and to then add valuefor our tenants through first-rate capital improvements, as well asproactive building management and leasing,” says Gavin Evans,partner, Normandy Real Estate Partners. “Our strategy enabled us toincrease the value of this leading midtown office property andgenerate a strong return for our investors. On behalf of theNormandy team, I'd like to thank Invesco for its diligence inmaking this a smooth transaction for all parties involved.”