NEW YORK CITY—Columbia Property Trust, Inc. closed on the sale of its Midtown office tower at 222 E. 41st St. to Commerz Real, the real assets investment manager of German Commerzbank. The building sold for $332.5 million.
The 390,000 square-foot office property generally had been fully occupied by a sole tenant, the law firm Jones Day since 2007 when it sold for $319.8 million. Jones Day had previously remained as a tenant in the building for many years through several changes of its ownership, according to Real Capital Analytics. The law firm's last lease was scheduled to expire in 2016.
Upon learning that the tenant would be vacating, Columbia actively marketed the property, and in April 2016, NYU Langone Medical Center signed a 30-year, triple-net lease for the entire building, with almost no downtime in occupancy.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
