Morristown, New Jersey-based Normandy Real Estate Partners has acquired a Washington, DC-area office portfolio for a reported $157 million (€121 million). The seller was the US Army/Air Force Mutual Aid Association, a non-profit that helps provide life insurance for people serving in the armed services.
Called Starco Properties, the 786,632-square-foot portfolio includes ten assets, most of which are located in Northern Virginia, along with a 70,404 square foot building in Columbia, Maryland. Six of the properties are situated in the Westfields International Corporate Center office park.
Last fall, the insurer told a Washington business paper that they wanted to sell the properties while demand and prices were still high.
Normandy has been busy as of late. Last week, as Morgan Stanley Real Estate announced the close of its $1.9 billion acquisition of Glenborough Realty Trust, the investment bank sold 13 Glenborough properties totaling more than 2.4 million square feet to Normandy in a $537.9 million deal. The properties include five in New Jersey, six in Boston and two in Washington.
Earlier in the fall, the firm acquired a 120,800-square-foot office building in the Somerset Hills Corporate Center in New Jersey.
Normandy, which focuses on the office, industrial, multifamily, hotel, and retail sectors in the Mid-Atlantic and Northeastern US, was founded by former Morgan Stanley pro David Welsh in 2002 and has offices in New York and Boston. The firm’s first private equity real estate fund closed in July on approximately $450 million.