REBusinessOnline

Columbia Property Trust Acquires Office Building in Manhattan for $87.7M

149-Madison-Ave-NY

Columbia Property Trust plans to renovate the 127,000-square-foot office building at 149 Madison Ave. in Manhattan’s Midtown South district. (Photo credit: Adam Kane Macchia Photography)

NEW YORK CITY — Columbia Property Trust has completed its acquisition of 149 Madison Avenue, a 12-story office building located in Manhattan’s Midtown South district. An undisclosed seller sold the 127,000-square-foot property for $87.7 million. The company is purchasing the property subject to a ground lease that expires in January 2018. At that time, Columbia plans to begin a comprehensive repositioning at the fully vacated building. Redgate will serve as project manager, Genslar as architect and Highland Associates as engineer for the renovation project.

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