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Columbia Property JV buys DC building for $421M, NYC offices for $514M

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Columbia Property JV buys DC building for $421M, NYC offices for $514M

A joint venture between Columbia Property Trust Inc. and Allianz Real Estate acquired a 581,000-square-foot office property in Washington, D.C., for $421 million, and Columbia Property separately acquired two New York City office buildings from New York REIT for $514 million.

The company's acquisition of the buildings in Manhattan's Chelsea neighborhood confirms a previous report that the joint venture had acquired Twitter Inc.'s New York headquarters at 245-249 West 17th St., as well as 218 West 18th Street, where Red Bull has its New York headquarters.

Separately, New York REIT said it would use the consideration for the buildings to pay down approximately $348.0 million of a $760.0 million loan cross-collateralized by the properties, leaving an outstanding balance of $333.9 million and generating net proceeds to the company of $146.2 million.

Columbia Property owns a 55% stake in the Washington, D.C., property at 1800 M St. NW and will serve as the managing partner responsible for property management and directing leasing activities.

The property is 94% leased to multiple tenants, including Berkeley Research Group and Zuckerman Spaeder.