Columbia Property Trust Scoops Tribeca Office Property
The vacant office property will undergo renovations to capitalize on its location and size to turn into a Class-A boutique office building.
NEW YORK CITY – Columbia Property Trust, a real estate investment trust headquartered in New York City, has acquired 250 Church St., a 16-story, 237,000-square-foot office building located in the Tribeca submarket, for $205 million. Avison Young arranged the transaction.
The vacant office property will undergo renovations to capitalize on its location and size to turn into a Class-A boutique office building. Most recently the property was occupied by the NYC Department of Human Resources.
Bidding for the property was intense, as the asset sits in a submarket tight on redevelopment opportunities and continues to see interest for well-located boutique office properties. In addition, the trend of redeveloping older office stock into premium assets has been consistent, according to the Avison Young team.
“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 Neil Helman, principal at Avison Young, in a prepared statement.
Nearby to the property is the MTA 1, A, C subway lines, as well as the 2, 3, R, 6, J and Z lines that are within walking distance.
The Tribeca submarket continues to see robust leasing activity as the Downtown Manhattan submarket has transformed into a live-work-play area with the introduction of different amenity mixes at the World Trade Center and One Brookfield Place, according to a recent GlobeSt.com article. Leasing has been robust with Class A asking rents ranging from 65 per square foot, specifically in the World Trade Center and Tribeca submarkets, according to Avison Young data.