trending Market Intelligence /marketintelligence/en/news-insights/trending/iwe9e6jsq0tzvpl8culehg2 content esgSubNav
Log in to other products

 /


Looking for more?

Contact Us
In This List

Report: Columbia Property Trust could acquire stake in NYC office project

Video

Climate Credit Analytics: Linking climate scenarios to financial impacts

Blog

Banking Essentials Newsletter: May Edition

Blog

Latin American and Caribbean Market Considerations Blog Series: Focus on IFRS 9

Blog

Real Estate News & Analysis: April Edition


Report: Columbia Property Trust could acquire stake in NYC office project

Columbia Property Trust Inc. could acquire a 50% stake in the office project at 799 Broadway in Manhattan, N.Y., from Ares Management LP, Bloomberg News reported, citing people familiar with the matter.

The unnamed sources told the news outlet that the office real estate investment trust is in discussions on a joint venture with Normandy Real Estate Partners LLC, which already owns the other half-stake in the six-story building. Normandy has plans to convert the building into a 182,187-square-foot office, the report added.

The site was sold by Cambridge Associates LLC in 2016 for $101 million, the report added, citing New York property records.

Bloomberg noted that Normandy, Columbia Property and Ares representatives declined to comment on the matter.