NJ: Jeff Gronning Doesn't Fear These Investors
The intense competition among investors for high-quality office isn't rattling Normandy Real Estate Partners. Co-founder Jeff Gronning, who'll be speaking at our Bisnow Office Leasing & Development Expo, says that instead, it makes Normandy want to stick to its disciplined game plan. "We're just more selective about what we do, given how competitive the market is and how much yields have come down," he says. Normandy typically won't look for returns in properties in secondary markets, instead working its current target markets of Boston, New York, and DC.
Normandy's also a net seller at the moment; Jeff says the firm is down about 3M SF from its peak a few years back. It also likes buying well-located assets in CBD and infill suburban locations that need repositioning. In Needham, Mass., Normandy is marketing the TripAdvisor HQ, a build-to-suit project (rendering above) that'll be occupied this April. Click here to learn more about our BOLD event and our other great speakers, including Silverstein Properties CEO Larry Silverstein, Boston Properties CEO Owen Thomas, Forest City SVP Alexa Arena, and many more.