Columbia Property Trust notches second 799 Broadway tenant

Bain Capital Ventures moving to 12-story boutique office building

New York /
Nov.November 04, 2021 09:05 AM
Columbia Property Trust's Nelson Mills and 799 Broadway (Columbia Property Trust, Perkins & Will)

Columbia Property Trust’s Nelson Mills and 799 Broadway (Columbia Property Trust, Perkins & Will)

One month after scoring its first tenant at 799 Broadway, Columbia Property Trust is doubling its luck with a second.

Bain Capital Ventures has agreed to a 10-year lease for 8,700 square feet, or the entirety of the 10th floor of the Greenwich Village office building, according to the Commercial Observer. Asking rents were reportedly between $150 and $200 per square foot.

The venture capital firm has its offices down the street at 632 Broadway. According to the Observer, the venture capital arm of Bain Capital will move into the building during 2022’s second quarter.

Columbia was represented in the deal by JLL’s Benjamin Bass, Mitchell Konsker, Steven Rotter and Sam Seiler. Bain Capital Ventures was represented by Cushman & Wakefield’s Bryan Boisi.

The lease follows the lead of Newrez, a mortgage lending and service firm, which last month became the first tenant to join the 12-story office building. The company leased two full floors, taking up 25,000-square-feet indoors along with four outdoor terraces totaling 2,700 square feet.

Amenities in the building include a communal garden, gym, lounge and bike room. The building is at the site of the former St. Denis Hotel.

In 2018, Normandy Real Estate Partners and Columbia Property Trust agreed to a $300 million joint venture to develop the building, scoring a $187 million construction loan from Apollo Commercial Real Estate Finance. Columbia Property Trust closed on its 50 percent stake from Ares Management at a $142.5 million value.

Shortly after the development was finalized, Columbia Property Trust agreed to buy Normandy in a deal nearing $100 million. Columbia Property Trust is itself being acquired by PIMCO in a deal valued close to $2.2 billion, even higher at $3.9 billion when debt is included.

The building is expected to open soon.

[CO] — Holden Walter-Warner





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