Columbia Property Trust buys two NYC properties for $514m
Columbia Property Trust has acquired two Midtown South office assets from New York REIT for $514 million.
The acquisition encompasses 245-249 West 17th St., two adjoining office buildings collectively comprising 281,294 square feet, and 218 West 18th Street, a 165,670-square-foot office building.
With this acquisition, Columbia’s presence in New York has increased to seven class A properties comprising a total of 2.6 million square feet, which together represent 44 percent of Columbia’s overall portfolio based on gross real estate assets.
“We believe these recent investments, along with significant embedded growth in our existing portfolio from recent leasing achievements, will allow us to deliver meaningful earnings growth over the next several quarters,” said Jim Fleming, executive vice president and CFO. “Notably, our recent execution of a 119,000-square-foot renewal with DLA Piper at our Silicon Valley property last month addressed our largest immi