{"id":1004193759,"date":"2017-10-13T00:00:36","date_gmt":"2017-10-13T08:00:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004193759"},"modified":"2022-12-09T02:56:58","modified_gmt":"2022-12-09T10:56:58","slug":"columbia-expands-nyc-portfolio-with-514m-office-buy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/columbia-expands-nyc-portfolio-with-514m-office-buy\/","title":{"rendered":"Columbia Expands NYC Portfolio With $514M Office Buy"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"218<\/a>

218 W. 18th St.<\/p><\/div>\n

Columbia Property Trust Inc.\u00a0has acquired 245-249 W. 17th St., two adjoining fully leased Class A office buildings in New York\u2019s Chelsea submarket, and 218 W. 18th St., another Class A office building in the area. New York REIT sold the assets for an aggregate price of $514 million.<\/p>\n

The 245-249 W. 17th St. properties\u00a0encompass\u00a0281,294 square feet and currently house Twitter\u2019s New York headquarters\u00a0and 218 W. 18th St. consists of 165,670 square feet.\u00a0While Twitter\u2019s headquarters represents most of the boutique buildings on 17th Street\u2014which include a six-story western tower and 12-story eastern tower that features one of the largest showrooms of the high-end modern furniture chain Room & Board\u2014the nearby 12-story building on 18th Street houses the New York City headquarters of Red Bull, along with several other office tenants.<\/p>\n

\u201cThe W 17th and 18th buildings are fully-modernized, institutional-quality assets with attractive historic architectural appeal, fully leased on a long-term basis to well-regarded tenants such as Twitter, Red Bull and Room and Board,\u201d<\/em> Nelson Mills, Columbia\u2019s president and CEO, told\u00a0Commercial Property Executive<\/em>. \u201cThe W 17th and 18th buildings are squarely located in the path of this migration, with tenant rosters that demonstrate the neighborhood\u2019s breadth of appeal.\u201d<\/em><\/p>\n

According to Mills, neither of the properties\u00a0have any near-term capital needs, since both have been fully and attractively renovated in recent years.<\/p>\n

NYC\u00a0Footprint<\/h2>\n

Earlier this year, Columbia Property Trust\u00a0acquired 149 Madison Ave.,\u00a0a 127,000-square-foot\u00a0Manhattan office building<\/a>, following an extensive program of asset sales by the REIT.<\/p>\n

\u201cWe have been very selective in our underwriting process over the past year, as always, in order to find the right opportunities in our target markets,\u201d<\/em>\u00a0Mills added.\u00a0\u201cThe leasing success we\u2019ve experienced at our nearby properties, particularly 315 Park Avenue South, demonstrate Midtown South\u2019s strong and resilient demand, in contrast to some other Manhattan submarkets. The W 17th and 18th buildings in particular are distinctive assets among their competitive set.\u201d<\/em><\/p>\n

Columbia now has seven Class A properties in the area, comprising a total of 2.6 million square feet. That figure represents 44 percent of Columbia\u2019s overall portfolio based on gross real estate assets.\u00a0<\/p>\n

\u201cThese assets complement our current Manhattan portfolio in size, location and tenancy and give us a \u2018critical mass\u2019 of high-quality, Class A assets in Midtown South, further strengthening Columbia\u2019s position as a major institutional owner and manager in the submarket,\u201d\u00a0<\/em>Mills added. \u201cChelsea is increasingly benefiting from the south- and westward migration of tenants in Manhattan and appeals to both TAMI and more conventional tenants alike,\u201d\u00a0<\/em>concluded Mills.<\/p>\n

Photo courtesy of Columbia Property Trust<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Neither of the buildings in the portfolio has any near-term capital needs, both being fully and attractively renovated in recent years. 245-249 W. 17th St. and 218 W. 18th St. house the headquarters of Twitter and Red Bull, along with several other tenants.<\/p>\n","protected":false},"author":451,"featured_media":1004193760,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,1600,21742,10,21747],"tags":[37963,33221,34394,37964],"class_list":["post-1004193759","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-chelsea-submarket","tag-columbia-property-trust-inc","tag-nelson-mills","tag-twitter"],"acf":[],"yoast_head":"\nColumbia Expands NYC Portfolio With $514M Office Buy - 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