January 28, 2020
Columbia Property Trust (CXP) closed on its previously announced acquisition of Normandy Real Estate Management, LLC, a developer, operator and investment manager of office and mixed-use assets in major East Coast markets. CXP acquired the operating platform and real property interests of Normandy in a cash-and-stock deal worth approximately $100 million.
Related to the Normandy acquisition, CXP has agreed in principle to invest approximately $53 million in the joint venture that’s redeveloping Terminal Warehouse in Manhattan’s West Chelsea neighborhood. The REIT would become co-general partner, alongside L&L Holding and Normandy Fund IV.
“Our successful leasing and repositioning efforts have produced a well-leased portfolio of exceptional assets in New York, San Francisco, Washington, D.C. and Boston,” said CXP CEO Nelson Mills. “The addition of this highly capable team’s talent, relationships, and market knowledge will fuel additional opportunities for us to build upon our long-term record of value creation for our shareholders.”
Pictured: Terminal Warehouse.
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