250 Church Street, a 16-story, 237,000-s/f office building located in Manhattan’s trendy TriBeCa neighborhood has been sold for $205.5 million to Columbia Property Trust and Normandy Real Estate Partners.
An Avison Young Tri-State Investment Sales group including Principals Vincent Carrega, Neil Helman, Charles Kingsley, Jon Epstein and James Nelson, head of Tri-State Investment Sales, represented the sellers, comprised of multiple entities. No other brokers were involved in the transaction.
250 Church Street was marketed for its potential to be upgraded into a Class A boutique office development. The building is currently vacant and was most recently occupied by the NYC Department of Human Resources.
“250 Church Street is among the most dynamic re-development opportunities remaining in the TriBeCa submarket,” said Carrega. “Avison Young secured the opportunity to market this property through our strong relationship with the previous owners and we were committed to getting the best price from the most qualified purchaser on their behalf. We had a tremendous response to this offering with numerous competing bids.”
“In the end, we were able to identify the right buyer at the right sale price for this exceptional Manhattan property. For the purchasers, this is a once-in-a-lifetime investment opportunity,” said Helman.
Kingsley added, “This sale also provides evidence to the continued interest in creating well-located boutique NYC buildings and the trend of redeveloping older office properties into some of the most exciting office space locations on the market today.”
250 Church Street is within walking distance of the 1, A, C subway lines as well as the 2, 3, R, 6, J and Z lines.