The Real Deal New York

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

Pair of Chelsea properties were marketed as part of a four-building package
October 04, 2017 05:22PM

From left: 245 West 17th Street, 218-220 West 18th Street, Columbia Property’s E. Nelson Mills and Wendy Silverstein

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