{"id":1004589656,"date":"2022-07-05T02:33:06","date_gmt":"2022-07-05T10:33:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004589656"},"modified":"2022-12-08T14:14:59","modified_gmt":"2022-12-08T22:14:59","slug":"columbia-property-trust-transfers-funds-to-new-entity","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/columbia-property-trust-transfers-funds-to-new-entity\/","title":{"rendered":"Columbia Property Trust Launches Investment Manager"},"content":{"rendered":"<div id=\"attachment_1004550600\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/personal-989133_1280.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004550600\" data-attachment-id=\"1004550600\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/now-is-the-time-to-lock-in-competitive-terms-qa\/personal-989133_1280\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/personal-989133_1280.jpg\" data-orig-size=\"799,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"personal-989133_1280\" data-image-description=\"&lt;p&gt;https:\/\/pixabay.com\/zh\/illustrations\/people-business-people-dollar-989133\/&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Image by Gerd Altman via Pixabay&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/personal-989133_1280.jpg?w=799\" class=\"wp-image-1004550600 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/personal-989133_1280.jpg?w=300\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/personal-989133_1280.jpg 799w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/personal-989133_1280.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/personal-989133_1280.jpg?resize=768,577 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004550600\" class=\"wp-caption-text\">Image by Gerd Altman via Pixabay<\/p><\/div>\n<p><strong>Columbia Property Trust Inc.<\/strong> has completed the disposition of certain private real estate funds to <strong>Cannon Hill Capital Partners LLC<\/strong>, a newly formed investment manager led by three of its former senior executives: Jeffrey Gronning, Eric Rubin and Melissa Cosgrove Donohoe.<\/p>\n<p>Under the transaction, Cannon Hill acquired Columbia\u2019s general partner interests and management rights for the Normandy Real Estate Fund III LP, Normandy Real Estate Fund IV LP and Normandy Opportunity Zone Fund LP, as well as two separate accounts and related third-party property management contracts.<\/p>\n<hr>\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/net-lease-investment\/\">Generating CRE Wealth in Uncertain Times<\/a><\/p>\n<hr>\n<p>According to transaction documents, Cannon Hill will also assume the employment of about 50 real estate professionals from Columbia, including Gronning, Rubin and Cosgrove Donohoe. The firm\u2019s portfolio includes 42 properties under management, totaling some 11 million square feet, in Boston, New York City and Washington, D.C.<\/p>\n<p>However, the deal has no effect on Columbia\u2019s directly owned and managed real estate assets. Further, Columbia will continue to act as developer and manager for three New York City projects owned in partnership with Normandy Real Estate Fund IV: <a href=\"https:\/\/www.commercialsearch.com\/news\/meet-799-broadway-best-design-bronze-winner\/\">799 Broadway<\/a>, <a href=\"https:\/\/www.commercialsearch.com\/news\/manhattan-warehouse-overhaul-lands-1-3b-loan\/\">Terminal Warehouse<\/a> and <a href=\"https:\/\/www.commercialsearch.com\/news\/meet-columbia-property-trust-best-corporate-strategy-gold-winner\/\">101 Franklin<\/a>.<\/p>\n<p>Financials were not disclosed. Columbia\u2019s media representatives were unable to provide additional requested information, and Cosgrove did not respond to <em>Commercial Property Executive<\/em>\u2019s query.<\/p>\n<h2>Big money got even bigger<\/h2>\n<p>More than a year ago, a group of investors led by The Sapir Organization and including Arkhouse Partners LLC and 8F Investment Partners Pte. Ltd. made an <a href=\"https:\/\/www.commercialsearch.com\/news\/columbia-property-trust-gets-2-2b-takeover-bid\/\">unsolicited proposal<\/a> to acquire Columbia for $2.2 billion.<\/p>\n<p>But when Columbia actually was acquired and taken private, later last year, it was for substantially more money: $3.9 billion. PIMCO&#8217;s offer was <a href=\"https:\/\/www.commercialsearch.com\/news\/pimco-to-buy-columbia-in-3-9b-deal\/\">accepted in September<\/a>, and the deal closed last December.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The firm will assume responsibility for an 11 million-square-foot portfolio. <\/p>\n","protected":false},"author":882,"featured_media":1004550600,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21808,21783,23891,21742],"tags":[33221],"class_list":["post-1004589656","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-featured","category-investment","category-national","category-latest","tag-columbia-property-trust-inc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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