Columbia Property Trust, Inc. announced a strategic alliance with L&L Holding Company, LLC, which owns and manages a six million square foot portfolio of Class-A commercial office properties in and around New York City.
The arrangement includes leasing and property management services for Columbia’s newly acquired property at 315 Park Avenue South and also provides a foundation for the two companies to jointly explore future investment opportunities.
Columbia acquired 315 Park Avenue South as part of a three-building East Coast purchase topping a reported $588 million.
The recently-renovated, historic Class-A office building comprises 341,330 leasable square feet. L&L will support Columbia’s efforts to maximize value from the property, which the partners said “offers significant near-term lease roll at below market rents and a prime location in Midtown South.”
Nelson Mills, President and CEO of Columbia Property Trust said, “Our strategy includes teaming up with local sharpshooters in key markets that complement our proven leasing and regional management teams to successfully capitalize on value-add opportunities such as 315 Park Avenue South.
“L&L is a proven operator with an impressive track record in the New York market, and they will work with us to further enhance the property’s reputation as one of the market’s premier office destinations due to its desirable location and unique blend of historic architecture and modern infrastructure. We are actively exploring future joint investment opportunities with L&L as we continue to enhance our portfolio and expand Columbia’s presence in the New York market.”
Robert T. Lapidus, President of L&L added, “The Columbia team has proven their ability to identify and execute favorable investment transactions in very attractive markets. We look forward to complementing their efforts to position 315 Park Avenue South as a top competitor in Midtown South and to the possibility of future investments together.”