NEW YORK – September 13, 2018 – Columbia Property Trust, Inc. (NYSE: CXP) has entered into an agreement to form a joint venture with Normandy Real Estate Partners LLC to jointly develop 799 Broadway in Manhattan’s Midtown South. Columbia will own a 50 percent interest in this $300 million ground-up project, which is scheduled to be completed in the second half of 2020.
799 Broadway is located at the corner of 11th Street and Broadway, at the convergence of Union Square and Greenwich Village. Designed by Perkins+Will, the new 12-story, loft-style building will comprise 182,000 square feet of boutique office space and will provide a dramatic complement to this quintessential New York neighborhood. With floor plates ranging from 3,600 to 22,000 square feet, 799 Broadway will feature floor-to-ceiling glass, private terraces, and 15 foot high ceilings. This combination of highly desirable location and state-of-the-art design will appeal to New York’s most progressive and creative companies.
“We are seeking selective development opportunities in our target markets to provide value and growth to our high-quality, well-leased portfolio,” said Nelson Mills, chief executive officer of Columbia. “Normandy brings deep development expertise and success in Manhattan and elsewhere. Combined with Columbia’s repositioning and leasing track record in Midtown South, we believe this is a perfect partnership to develop 799 Broadway into a best-in-class office destination.”
“We look forward to working with Columbia to jointly develop a Class A, loft-style, creative building in this ideal location,” said Jeffrey Gronning, a Founder and Partner of Normandy Real Estate Partners. “With its high-end amenities and features, this unique building will be ideally suited for tenants seeking a creative and collaborative environment and should benefit from the limited supply of newly developed properties in this highly desirable neighborhood.”
Once completed, 799 Broadway will complement Columbia’s growing portfolio of differentiated assets in Midtown South, characterized by smaller floor plates, distinctive architecture, and high-end, modern finishes and amenities. Columbia’s Manhattan portfolio also includes 218 West 18th Street, 249 West 17th Street, 114 Fifth Avenue, 229 West 43rd Street, 315 Park Avenue South, and 149 Madison Avenue.
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.
About Columbia Property Trust
Columbia Property Trust (NYSE: CXP) owns and operates Class-A office buildings concentrated in New York, San Francisco, and Washington, D.C. Its portfolio includes 19 properties with approximately nine million rentable square feet and one property under contract. Columbia carries an investment-grade rating from both Moody’s and Standard & Poor’s. For more information, please visit www.columbia.reit.