NEW YORK--(BUSINESS WIRE)--Columbia Property Trust, Inc. (NYSE: CXP) and Normandy Real Estate Partners LLC have entered an agreement to purchase 250 Church Street, a 235,000-square-foot,16-story office building in the TriBeCa neighborhood of Manhattan. Price was not disclosed. The transaction is expected to close later this year.
Located in the heart of one of New York City’s most desirable neighborhoods, the property occupies the Church Street frontage between Franklin and Leonard Streets and is adjacent to the architecturally celebrated residential tower 56 Leonard. Originally constructed in 1948, 250 Church has been occupied for the last 30 years by the City of New York, which intends to fully vacate the property this summer. At that time, Columbia and Normandy will commence a complete transformation of the building into the highest caliber boutique office space in TriBeCa, which has seen significantly less office development and redevelopment than comparable Midtown South and Downtown submarkets.
The repositioned property is anticipated to be ready for occupancy in 2021 and will be tailored to appeal to tenants seeking bespoke space in this walkable, amenity-rich neighborhood. The building also offers attractive transit access, located one block from the Franklin Street Station and within walking distance of the World Trade Center Transit Hub.
“We’re excited to embark on another transformative redevelopment project in Manhattan,” said Nelson Mills, chief executive officer of Columbia. “This modern, tailored office environment should serve the TriBeCa community well, while providing further value growth to our well-leased Manhattan portfolio. We’re also proud to be partnering again with Normandy, following our exciting 799 Broadway project in Midtown South, which is already attracting strong market interest.”
“The TriBeCa submarket lacks new office developments, creating limited supply for employers who want to be in this highly desirable area of Manhattan,” said Gavin Evans, Partner, Normandy Real Estate Partners. “Columbia has been a wonderful partner and we’re excited to team up again and deliver a truly unique asset to market.”
250 Church Street will be the eighth office property in Columbia’s Manhattan portfolio, which also includes 315 Park Avenue South, 149 Madison Avenue, 114 Fifth Avenue, 218 West 18th Street, 249 West 17th Street, and 229 West 43rd Street, in addition to the new building under development with Normandy at 799 Broadway.
About Columbia Property Trust
Columbia Property Trust (NYSE: CXP) creates value through owning, operating and developing Class-A office buildings in high-barrier U.S. office markets, primarily New York, San Francisco, and Washington D.C. Columbia is deeply experienced in transactions, asset management and repositioning, leasing, and property management. It employs these competencies to grow value across its high-quality, well-leased portfolio of 19 properties that contain nine million rentable square feet, as well as one property under development. Columbia has investment-grade ratings from both Moody’s and Standard & Poor’s. For more information, please visit www.columbia.reit.
About Normandy Real Estate Partners
Normandy Real Estate Partners is a leading real estate investment management firm and operator with offices in New York City, Boston, Washington, D.C. and New Jersey, with a track record spanning 20 years. The firm is a vertically-integrated investment and operating platform with broad real estate experience in areas such as acquisitions, investment management, leasing, property management and construction/development. Its focus is primarily on acquiring office and mixed-use investments located in the Northeast and Mid-Atlantic CBD and transit-oriented submarkets where the firm owns and operates one of the largest private real estate portfolios in the region, totaling over 14 million square feet and a development pipeline of four million square feet. Normandy’s deep local relationships, vertically-integrated capabilities, and diversely-experienced team give it a distinct advantage, which enables it to consistently turn under-achieving real estate into exceptional high-yielding investments. For more information visit www.normandyrealty.com.
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