Columbia Property Trust Lands $270M Loan at 799 Broadway

ByCatherine G. Pinion

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Columbia Property Trust CEO Nelson Mills and 799 Broadway (Columbia Property Trust,, iStock)

Columbia House Have faith in CEO Nelson Mills and 799 Broadway (Columbia Assets Have faith in,, iStock)

With construction finish and sizable tenants on board, Columbia Assets Belief refinanced its boutique workplace developing in Greenwich Village.

The landlord scored a $270 million refinancing of the 12-tale assets at 799 Broadway, the Commercial Observer noted. Blackstone Home finance loan Believe in provided the financing, which was arranged by Eastdil Secured.

Columbia completed building on the 182,000-sq.-foot constructing in April. The property is by now 70 per cent leased — Columbia has discovered occupants for 9 of the building’s floors.

The major tenant signed on past month. Boston-centered expense administration firm Wellington Management leased 71,000 square ft across four flooring, using up 40 percent of the developing. Wellington agreed to a 16.5-yr lease with the sophisticated, which sits on the corner of East 11th Avenue and Broadway in which Union Sq., Greenwich Village and the East Village fulfill.

3 other tenants are on board at the REIT’s new making. Countrywide property finance loan lending and servicing organization New Residential Financial investment Corporation leased 25,000 square toes throughout two floors, which consists of four outdoor terraces. Investment decision organization Bain Funds Ventures took 9,000 sq. ft for 10 decades.

An undisclosed tenant also nabbed two floors at the starting of the calendar year.

Inquiring rents at the creating have reportedly ranged from $150 to $200 per sq. foot. Perkins & Will built the setting up, which contains a communal backyard garden, gymnasium, lounge and bicycle space.

Columbia and Normandy Genuine Estate Partners finalized a $300 million joint undertaking in 2018 for the building’s growth, scoring a $187 million design loan from Apollo Commercial Real Estate Finance. Columbia shut on its 50 p.c stake from Ares Administration at a valuation of $142.5 million.

Earlier this calendar year, Blackstone House loan Rely on furnished a $228 million mortgage to Tishman Speyer for the developer to construct 620 flats on 8 sites in Santa Monica, California.

[CO] — Holden Walter-Warner


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