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.
