New York Life Real Estate Investors Sells 745,000 SF Office Building in Manhattan
NEW YORK CITY — New York Life Real Estate Investors has completed the sale of an office building located at 575 Lexington Ave. in Midtown Manhattan’s Plaza District submarket. The sellers were a joint venture partnership that included Prudential Real Estate Investors and Normandy Real Estate Partners. The partnership acquired the 745,000-square-foot building in 2012 and repositioned the property with a full renovation of the lobby and storefront, new elevator cabs, modernized building systems and new tenant fit-outs. Additionally, the partnership renewed and expanded Cornell University’s lease at the building to a total of 212,000 square feet through 2028. The name of the buyer and the acquisition price were not released.