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IN-DEPTH: Florida pension fund pays $186m for Manhattan office

by Andrea Waitrovich

The $176.4 billion Florida State Board of Administration has bought 1370 Broadway, an office building in Manhattan. Here’s an in-depth look at the deal.

 

THE DEAL

Invesco Real Estate, on behalf of the state of Florida Retirement System Pension Plan, purchased the 299,533-square-foot office from Normandy Real Estate Partners. CBRE represented the seller. The sales price was $186 million, or $644 per square foot.

 

THE ASSET

The 16-story office building is located between the Times Square and Herald Square areas of midtown Manhattan. It was constructed in 1922. It has been fully renovate

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