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AFIAA purchased the office building for $150 million at the end of 2016 while it was under construction and provided support until it was completed.
"We have now kept our promise and created an attractive product for our institutional investors through active asset management," said Ingo Bofinger, CEO of AFIAA.
The property in New York is held by the AFIAA Global investment group, which invests directly in prime real estate.
Normandy Real Estate Partners had been in the final stages of redevelopment when AFIAA made the purchase late last year.
AFIAA is an investment foundation under Swiss law that invests exclusively in foreign real estate assets.
The manager of the Foundation's assets, AFIAA Real Estate Investment AG, is a member of the Avadis Group.
The acquisition expands AFIAA's portfolio in North America.
to AFIAA's portfolio," said Hans Jurg Stucki, managing director of the investment advisor to AFIAA, AFIAA-REIM, upon closing the transaction.
"This asset is AFIAA"s first direct investment in U.S.
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- AFI Fest
- AFI TFG
- Afibrillar Astrocytoma
- afibrillar cement
- Afican Languages Association of Southern Africa