December 5, 2019
Columbia Property Trust (CXP) closed on its acquisition of 250 Church St.in Tribeca in a joint venture with Normandy Fund IV. The JV paid $205.5 million for the 16-story office property.
The JV of CXP and what was then Normandy Real Estate Partners agreed to acquire the 235,000-square-foot property, then fully occupied by the City of New York, last March. Since then, CXP announced that it was acquiring the Normandy platform.
Originally built in 1948 and located next to the 56 Leonard residential tower, 250 Church is being redeveloped under a new address, 101 Franklin St. CXP and Normandy noted in March that the redevelopment would help fill a void in Tribeca when compared to other Downtown and Midtown South submarkets.
“The Tribeca submarket lacks new office developments, creating limited supply for employers who want to be in this highly desirable area of Manhattan,” Normandy’s Gavin Evans said in March.
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