Columbia Property Trust and Normandy Real Estate Partners have reached a deal to buy 250 Church Street, a 235,000 s/f Tribeca office building.
The 16-story office building in the TriBeCa occupies the Church Street frontage between Franklin and Leonard Streets, adjacent to the celebrated residential tower, 56 Leonard.
Originally constructed in 1948, 250 Church has been occupied for the last 30 years by the City of New York, which intends to fully vacate the property this summer.
At that time, Columbia and Normandy will commence a complete transformation of the building into the highest caliber boutique office space in TriBeCa, which has seen significantly less office development and redevelopment than comparable Midtown South and Downtown submarkets.
The repositioned property is anticipated to be ready for occupancy in 2021 and will be tailored to appeal to tenants seeking “bespoke space in this walkable, amenity-rich neighborhood,” said the buyers in a press release.
“We’re excited to embark on another transformative redevelopment project in Manhattan,” said Nelson Mills, chief executive officer of Columbia. “This modern, tailored office environment should serve the TriBeCa community well, while providing further value growth to our well-leased Manhattan portfolio. We’re also proud to be partnering again with Normandy, following our exciting 799 Broadway project in Midtown South, which is already attracting strong market interest.”
“The TriBeCa submarket lacks new office developments, creating limited supply for employers who want to be in this highly desirable area of Manhattan,” said Gavin Evans, Partner, Normandy Real Estate Partners. “Columbia has been a wonderful partner and we’re excited to team up again and deliver a truly unique asset to market.”
250 Church Street will be the eighth office property in Columbia’s Manhattan portfolio, which also includes 315 Park Avenue South, 149 Madison Avenue, 114 Fifth Avenue, 218 West 18th Street, 249 West 17th Street, and 229 West 43rd Street, in addition to the new building under development with Normandy at 799 Broadway.