Ares began shopping the stake earlier this year at a price that valued the project at $250 million, as The Real Deal originally reported.
Normandy has plans to demolish the six-story building on the site and build a 182,200-square-foot, glass-and-steel office building designed by Perkins + Will.
Normandy and Ares bought the site in 2016 for $101 million from Cambridge Associates.
Columbia is one of a few REITs that has been turning to joint ventures to strengthen its balance sheet. The company last year formed a JV with Allianz Real Estate of America on a portfolio of two Class A office properties in San Francisco and one in Manhattan. [Bloomberg] – Rich Bockmann