Westchester County Business Journal Jersey boys settle in at Westchester
Jersey boys settle in at Westchester
A New Jersey newcomer to Westchester County’s commercial office market has “tried to make a splash” in the nine months since taking over a prominent office-park portfolio, a leasing executive for the Morristown company said recently. At the same time, Normandy Real Estate Partners has made a large national splash in real estate markets on both coasts as an opportune buyer of distressed properties for which it was a mezzanine lender.
As with its office-building acquisitions this year in Boston and in the Los Angeles area, Normandy was a mezzanine lender in Westchester to RXR Realty L.L.C., formerly RexCorp Realty, for the Long Island-based company’s Platinum Mile portfolio, according to a source familiar with the deal. Normandy early this year took over the 14-building, approximately 1.5-million-square-foot portfolio spread across four office parks in White Plains and Harrison after RXR Realty was said to have defaulted on the loan.
A spokesman for Normandy said the company does not discuss details of its financial transactions. The company on its web site says its primary targets are the metropolitan New York, Washington, D.C. and Boston markets, where it is pursuing both office property equity and non-performing debt investments.
In late March, Normandy and another private equity firm, Five Mile Capital Partners L.L.C., based in Stamford, Conn., obtained the John Hancock Tower, Boston’s tallest building, at a foreclosure auction. The companies, both mezzanine lenders to the former owner, New York City’s Broadway Partners Fund Manager L.L.C. , reportedly paid $660.6 million. That was 50 percent less than Broadway Partners paid for the Boston landmark in late 2006, when it acquired it from Beacon Capital Partners L.L.C., owner of the 850,000-square-foot Westchester One at 44 S. Broadway in White Plains.
Normandy on its own last spring also acquired another foreclosed Broadway Partners property, the approximately 770,000-square-foot 10 Universal City Plaza, in Universal City, Calif., for a reported $304.75 million.
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