250 Church St.
NEW YORK CITY – Columbia Property Trust, a real estate investment trust headquartered in New York City, has acquired 250 Church St., a 16-story, 237,000-square-foot office building located in the Tribeca submarket, for $205 million. Avison Young arranged the transaction.
The vacant office property will undergo renovations to capitalize on its location and size to turn into a Class-A boutique office building. Most recently the property was occupied by the NYC Department of Human Resources.
Bidding for the property was intense, as the asset sits in a submarket tight on redevelopment opportunities and continues to see interest for well-located boutique office properties. In addition, the trend of redeveloping older office stock into premium assets has been consistent, according to the Avison Young team.
"In the end, we were able to identify the right buyer at the right sale price for this exceptional Manhattan property. For the purchasers, this is a once-in-a-lifetime investment opportunity," said Neil Helman, principal at Avison Young, in a prepared statement.
Nearby to the property is the MTA 1, A, C subway lines, as well as the 2, 3, R, 6, J and Z lines that are within walking distance.
The Tribeca submarket continues to see robust leasing activity as the Downtown Manhattan submarket has transformed into a live-work-play area with the introduction of different amenity mixes at the World Trade Center and One Brookfield Place, according to a recent GlobeSt.com article. Leasing has been robust with Class A asking rents ranging from 65 per square foot, specifically in the World Trade Center and Tribeca submarkets, according to Avison Young data.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
