Columbia Property Trust Sells 25-Story Manhattan Office Tower for $332.5M
NEW YORK CITY — Columbia Property Trust has sold 222 E. 41st St., a 390,000-square-foot office tower in Midtown Manhattan, for $332.5 million.
Commerz Real, the real estate investment management arm of German Commerzbank, purchased the property. CBRE’s capital markets team represented Columbia in the transaction.
The building was originally constructed in 2001. Law firm Jones Day occupied the 25-story building from 2007 until 2016. When the Jones Day lease expired, Columbia signed NYU Langone Medical Center to a full-building, 30-year lease. The building has since been converted into a multi-specialty ambulatory care facility that began accepting patients last month.
“We were very pleased to secure an esteemed tenant on a long-term lease, which significantly increased the value of the property,” says Nelson Mills, president and chief executive officer of Columbia. “Proceeds will further strengthen our balance sheet in the near term and will eventually be recycled into higher growth investment opportunities.”
Following this disposition, Columbia’s portfolio now includes seven New York City properties after the recent purchase of 149 Madison Ave. in November and the acquisition of 245-249 W. 17th St. and 218 W. 18th St. in October.
— David Cohen