Columbia Property Trust, Normandy to Develop $300M Boutique Office Building in Manhattan
NEW YORK — Columbia Property Trust Inc. (NYSE: CXP) and Normandy Real Estate Partners LLC plan to form a joint venture to develop 799 Broadway, a 12-story boutique office building in Manhattan’s Midtown South neighborhood.
The $300 million, ground-up project will be located at the corner of 11th Street and Broadway, at the convergence of Union Square and Greenwich Village. The loft-style building will total 182,000 square feet and will feature floor plates ranging from 3,600 to 22,000 square feet. Other features will include 15-foot ceilings, floor-to-ceiling glass and private terraces.
“We look forward to working with Columbia to jointly develop a Class A, loft-style creative building in this ideal location,” said Jeffrey Gronning, founder and partner of Normandy Real Estate Partners. “With its high-end amenities and features, this unique building will be ideally suited for tenants seeking a creative and collaborative environment and should benefit from the limited supply of newly developed properties in this neighborhood.”
Chicago-based architecture firm Perkins+Will is designing the building, which is slated for completion in the second half of 2020.
Once completed, 799 Broadway will join Columbia’s existing Manhattan portfolio, which includes 218 W. 18th St., 249 W. 17th St., 114 5th Ave., 229 W. 43rd St., 315 Park Ave. S. and 149 Madison Ave.
Atlanta-based Columbia Property trust owns and operates Class A office buildings concentrated in New York, San Francisco and Washington, D.C. The company’s portfolio includes 19 properties with approximately 9 million square feet of rentable space.
Columbia’s stock price closed at $23.69 per share on Wednesday, Sept. 12, up from $21.01 a year ago.
Normandy Real Estate Partners is a real estate investment management firm and operator with offices in New York City, Boston, Washington, D.C., and New Jersey. The company owns and operates a portfolio totaling more than 14 million square feet. Normandy’s development pipeline totals 4 million square feet.
— Camren Skelton