The U.S. real estate division of the Swiss Pension fund AFIAA is under contract to purchase a 12-story Chelsea office building for $150 million. Located at 125 West 25th Street, the 138,000 sqf building will trade for just over $1085 per sqf. The sellers, Normandy TRData LogoTINY and partners Waterbridge Capital and Japan-based NTT Urban Development, bought the asset of foreclosure in 2013 for $54.5 million. Since purchasing the property the partnership has spent over $20 million to upgrade the office tower. Eastdil Secured’s Adam Spies and Doug Harmon represented the sellers. Broker Samuel Lefkowitz is brokering the deal. Both parties to the transaction have declined to comment further on details.
