October 13, 2017
New York REIT, Inc. (NYRT) sold three properties in New York’s Silicon Alley to Columbia Property Trust for $514.1 million. The move is part of NYRT’s portfolio liquidation, and includes the Twitter Building at 245-249 West 17th St. (pictured above on right), as well as the Red Bull building at 218 West 18th St (on left).
Columbia’s Nelson Mills says, “Our acquisition of these prime Midtown South buildings allows us to expand within New York, where we already held the largest concentration in our portfolio (2.6 million square feet), and will further establish Columbia as a significant player in Manhattan’s most dynamic office district.”
The 281,294-square-foot 17th street asset (12-story and six-story buildings), in Chelsea’s Midtown South Manhattan submarket, underwent a $60-million renovation and is currently 99% leased to three tenants: Twitter, Room & Board and Flywheel. While the 165,670-square-foot 18th street property (12 stories) is home to credit tenants Red Bull and Microsoft.
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