The REITs and Real Estate M+A and Private Investment Funds teams advised Normandy Real Estate Management, LLC, on its sale to Columbia Property Trust, Inc. (NYSE: CXP) in a transaction valued at approximately $100 million. The sale includes Normandy’s operating platform as well as management of three active funds. Normandy’s owners will receive consideration consisting of $13.5 million in cash and approximately $86.5 million in convertible preferred units of Columbia Property Trust’s operating partnership, issued at a strike price of $26.50 per unit. The transaction is expected to close before the end of the year, subject to receipt of certain third-party consents, and other customary closing conditions.
Normandy Real Estate Management is a privately owned real estate investment manager, developer and operator that targets equity and debt strategies focused on office and mixed-use assets in urban and transit-oriented markets in the Northeast and Mid-Atlantic region. Since its founding in 2002, the firm has managed a series of discretionary real estate funds and joint ventures backed by some of the most prestigious institutional investors in the world.
In addition to Normandy’s property, development and investment management businesses, Columbia will acquire the general partnership interests and certain limited partnership interests totaling approximately 2 percent in each of Normandy Real Estate Fund III, LP; Normandy Real Estate Fund IV, LP; and Normandy Opportunity Zone Fund, LP. Not included in the transaction are Normandy Real Estate Fund, LP and Normandy Real Estate Fund II, LP, as well as several mixed-use suburban development projects.
The Goodwin team was led by partners Mark Opper and Mandee Gruen and included partners Rob Insolia, Al Solecki, Neal Sandford, Brynn Peltz, James Mattus and Stephen Charkoudian, counsel Collette Goodman and Ai Tajima, and associates Ortal Ben Aharon, James Devendorf, Wenlan Geng, Juliaana DiGesu, Daniel Griffith, Riley Lovendale, Alina Pesenson, Nikhil Sethi, Rick Torres and Chris Versfelt.