Columbia Property Trust buying two New York REIT buildings for $515M

Pair of Chelsea properties were marketed as part of a four-building package

New York /
Oct.October 04, 2017 05:22 PM

Editor’s note: This story was updated to reflect the correct price.

UPDATED, Oct. 6, 10:46 a.m.: Columbia Property Trust is in contract to buy two Chelsea office buildings for about $515 million from New York REIT as it liquidates its portfolio.

Atlanta-based Columbia Property is in contract to buy 245 West 17th Street and 218-220 West 18th Street, Debtwire reported.

New York REIT purchased the 12-story Building On 17th Street in 2014 for $335 million. Twitter had been the property’s sole tenant, until it began subleasing space earlier this year. The company paid $112 million in 2013 to purchase the 18th Street building, which is best known as Red Bull’s New York headquarters.

Under the direction of Wendy Silverstein, New York REIT has been working over the past six months to sell off its $2.8 billion portfolio. The company put the two Chelsea buildings on the market in June with Adam Spies and Doug Harmon at Cushman & Wakefield, as The Real Deal reported.

The real estate investment trust is in contract to sell a 48.7 percent stake in One Worldwide Plaza to RXR Realty and SL Green Realty in a deal that values the tower at $1.7 billion. [Debtwire]Rich Bockmann


Related Articles

arrow_forward_ios
L-R: Savanna's Chris Schlank, Eastdil Secured's Will Silverman, JLL's Bob Knakal (Photos by Paul Dilakian)
Office royalty talk conversions, distress and the “downsize upgrade” trend
Office royalty talk conversions, distress and the “downsize upgrade” trend
Columbia Property Trust's Nelson Mills and 799 Broadway (Columbia Property Trust, 799 Broadway, iStock)
Columbia Property Trust signs investment firm to 71K sf at 799 Broadway
Columbia Property Trust signs investment firm to 71K sf at 799 Broadway
East End Capital's Jonathon Yormak and 141 East Houston Street (141 East Houston Street, East End Capital)
Boutique LES office scores blockchain firm as anchor tenant
Boutique LES office scores blockchain firm as anchor tenant
Vice Media CEO Nancy Dubuc and 225 Broadway (Getty Images, Google Maps, iStock)
Refinery29 subleasing at 225 Broadway for move in with Vice
Refinery29 subleasing at 225 Broadway for move in with Vice
Naftali Group's Miki Naftali, BRP Companies' Meredith Marshall (Photos by Paul Dilakian)
Miki Naftali, Meredith Marshall talk development, death of 421a
Miki Naftali, Meredith Marshall talk development, death of 421a
R-L: Willow's Kevin Danehy, Era Ventures' Clelia Warburg Peters, Fifth Wall's Brad Greiwe and The Real Deal's Hiten Samtani (Photo by Paul Dilakian)
Real estate tech is coming for your business
Real estate tech is coming for your business
Industrious CEO Jamie Hodari and CBRE chief financial and investment officer Emma Giamartino (LinkedIn, CBRE)
CBRE doubles down on flex-office provider Industrious
CBRE doubles down on flex-office provider Industrious
New York skyline
Rising interest rates will dampen city’s investment sales market this year
Rising interest rates will dampen city’s investment sales market this year
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...