250 Church St./ Image by CoStar Group
NEW YORK CITY—Normandy Real Estate Partners and Columbia Property Trust announced they have agreed to purchase 250 Church St., a 235,000-square-foot, 16-story office building in the TriBeCa neighborhood of Manhattan. The transaction is expected to close later this year. The developers declined to disclose the seller and the amount paid.
Commercial Observer had reported that the seller was Norvin Properties and the purchase price was $205 million, which the developers neither confirmed nor denied.
The building was originally constructed in 1948. It has the alternate addresses of 59 Leonard and 101 Franklin streets. For the last 30 years, the City of New York has leased the building but intends to fully vacate it by this summer. Real Capital Analytics also noted the pending transaction with Normandy and Columbia acquiring the building from a joint venture of Norvin Partners and Philips International. The database also recorded the single tenancy of the City of New York.
Commercial Observer had reported that the city's Human Resources Administration would be vacating by August 2019 pursuant to a “court-ordered surrender agreement” and settlement.
The buyers say they will renovate the property “into the highest caliber boutique office space in TriBeCa.” They point out there is less office development and redevelopment in the neighborhood compared to Midtown South and Downtown. They plan to open the building for occupancy in 2021.
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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.
