New York, NY – October 4, 2018 – Normandy Real Estate Partners LLC and Columbia Property Trust, Inc. today announced the closing of their new venture to redevelop 799 Broadway. Adam Spies, Adam Doneger, Kevin Donner, and Josh King of Cushman & Wakefield advised Normandy and its former partner Ares Management on the partial sale to Columbia. Normandy and Columbia also announced today the closing of a $187 million construction financing from Apollo Commercial Real Estate Finance, Inc. The Newmark Knight Frank Capital team led by Co-Chairmen Dustin Stolly and Jordan Roeschlaub, accompanied by Managing Directors Nick Scribani and Chris Kramer, successfully arranged the financing with Apollo.
The planned 12-story, Class A office tower, totaling 182,000 square feet, will feature 147,688 square feet of office space, 12,688 square feet of community space and 21,929 square feet of retail, as well as a gym. Designed by Perkins+Will, the boutique office building will include expansive terraces on each floor, oversized glass windows and ceiling heights of 15 to 17 feet.
799 Broadway is located at the corner of 11th Street and Broadway at the junction of Union Square and Greenwich Village. 799 Broadway will be the closest new creative office development to Union Square, the cultural and transportation hub of Midtown South.
New boutique office product has been met with significant demand from tenants willing to pay premium rents. Nearby neighbors include Edward Minskoff’s 51 Astor Place (occupied by IBM and St. John’s University), Vornado’s 770 Broadway (leased to Facebook) and Normandy’s project at 888 Broadway, which includes new leases for Australian software company Atlassian and Netflix.
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 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 is a publicly traded real estate investment trust (REIT) that trades on the New York Stock Exchange under the ticker symbol “CXP,” and it carries an investment-grade rating from both Moody’s and Standard & Poor’s. For more information, please visit www.columbia.reit.