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

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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.