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799 Broadway, architectural rendering 799 Broadway, architectural rendering/ Image credit: Binyan Studios

NEW YORK CITY—Columbia Property Trust and Normandy Real Estate Partners have formed a joint venture to develop 799 Broadway. Columbia will own a 50% interest in the $300 million ground-up project. The construction is scheduled to be completed in the second half of 2020. Cushman & Wakefield’s Adam Spies and Doug Harmon represented owner, Ares, in the sale of their 50% stake to Columbia Property Trust. Columbia’s interest was purchased at $142.5 million gross value, according to industry sources.

Betsy Kim

Betsy Kim is the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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